Archive for the ‘For & About Entrepreneurs’ Category
How to Get Your Info Into Investor Hands
Monday, May 7th, 2012Our “Ask ActSeed” team recently received a question from an entrepreneur who wanted to restart his company, find angel investors and be prepared to provide investors with the info they want. Here’s what we told him:
“The information below is an important part of the story that an investor will want to know for sure. It seems there are two parts to your question:
- How to find investors and
- What to present to them when you find them.
First, how to find them:
While there is no single “exchange” to find all prospective investors, there are many venues and approaches to finding them. The best is personal networking – talking to people you know and finding out if they, or someone they know, might be interested in your deal. The other end of the investor-search spectrum is to do Google searches and cold call banks and investment firms to gauge their interest. This is a very low probability approach. In the middle are communities like ActSeed that help bridge an entrepreneur’s lack of personal investor network with connections to investors and investor groups. Some communities are free (e.g. LinkedIn), but investors don’t dwell there as free sites attract half-baked deals and lots of “noise”. Some have membership fees (like ActSeed), are more concentrated, and have a higher quality. None can guarantee a successful deal, but the good ones can help you reach investors you wouldn’t find otherwise.
However, reaching prospective investors is only a part of the equation…
Most professional angel investors, VC and other equity investors see hundreds, if not thousands, of deals each year. Most invest in 2-6 deals each year. This leaves 97%+ of all deals unfunded. The remainder get bootstrapped (e.g. self-funded through self-directed IRAs, savings, etc.), through debt (e.g. bank loan) or likely shut down or go dormant.
The second part is what information you present to the prospective investor.
- If an investor believes the information being presented to them is incomplete, they will stop reviewing.
- If an investor doesn’t “get it” very quickly – i.e. understand the business opportunity before then – they will stop reviewing.
Through ActSeed, entrepreneurs prepare the information that investors want to see using a scored profiling system. ActSeed scores the “completeness of preparation”, not whether the idea is viable. ActSeed’s scored profile enables the investor to have a uniform comparative against other deals that signals risk of successful implementation of the business model. It’s kind of like a FICO score for early stage companies. Here’s a link to a brief white paper about the ActSeed profile and scoring process.
ActSeed’s 1-page “Business Snapshot” template is an excellent framework for an entrepreneur to introduce their business highlights on a single page; if an investor “gets it” on that first page, they will be much more inclined to read further. The scored profile and Business Snapshot are available in ActSeed.com. Once your ActSeed profile is complete, you can search ActSeed’s Investor Group for prospective investors within the ActSeed community. You can also share your ActSeed link with any investor outside of ActSeed.
If you’re interested, you can learn more about the ActSeed Entrepreneur Group and sign up if you want to use these resources by clicking here. You can also download a free copy of ActSeed’s “Business Snapshot” template when you complete your free registration on ActSeed.
There are other communities and resources available to you that will also extend your reach into the investor community. In addition to ActSeed, we advise all of our community members to also use other networks that can be helpful. The new business creation and small business ecosystem is too fragmented and dynamic to fit one application or one community; however, a balance of communities can together drive value to those who build companies.
Ready to Swim in the Shark Tank on ABC?
Tuesday, May 1st, 2012
If you think your startup or product idea can survive an interrogation on national TV, then contact us now.
Yun Lingner is the Co-Executive Producer for a TV series on ABC called Shark Tank, a Mark Burnett Productions show.
If you’re not familiar with this show, entrepreneurs are selected to pitch their businesses to a panel of wealthy investors (e.g. Mark Cuban and Barbara Corcoran) in order to land an investor. We are helping Yun find some innovative businesses, products, business ideas and of course, entrepreneurs with interesting backgrounds or stories for the upcoming season.
If you’re interested in swimming with the sharks on national TV, send us an email to info@actseed.com with “Shark Tank” or “I want to swim with the sharks” in the subject line and we’ll get you connected directly to Yun.
If your deal needs some polish before jumping in the deep end, join ActSeed’s Entrepreneur Group.
Also, you can test your elevator pitch in ActSeed’s “Inside Pitch” discussion group on LinkedIn (it’s free).
Deadline to submit your idea, startup or small business? Just say “you snooze, you lose…”, and hesitate at your own risk.
How to Find More Customers
Wednesday, April 25th, 2012Three Things You Must Do to Attract People to Your Business
One of the greatest challenges for a young business is getting customer traction. This rarely happens overnight; however, it won’t cost a fortune or take forever when you apply these three practices:
1. Optimize the message. Make sure the message is clear. The content of the press release, the tweet, the Facebook post must be concise and to the point. We live in an era of multi-media, so the message can also have embedded video and photos. The old way of doing press releases is dead. Press releases are also searchable by keyword phrases. Make sure your press and social media is written so reporters and media professionals can find you.
2. Open a dialogue. Make sure you can listen to your customers as well as you can talk to them. Gone are the days when you use your mouth, but not your ears. When you write a press release, tweet or post a blog or Facebook entry, you need to give your audience the opportunity to reply AND you must have a way to collect those replies. Using your mouth and ears must be followed by using your brain to evolve your message and your business.
3. Be consistent. Be constant. Be patient. One tweet or press release won’t do anything. One thousand tweets or ten press releases in one day won’t either. A steady flow of information reinforces your message and steadily reminds your customers about your business. Trust isn’t built on a one night stand. Trust is built over time, so understand that you must commit time and discipline to your PR and social media activity.
We constantly hear from fellow entrepreneurs who want a winning PR and social media strategy, but they don’t believe they have the time or the money. Well, it doesn’t have to cost thousands of dollars each month or take half of each day to get results.
We found a solution.
We found a solution we like so well that we partnered with them to bring it to you. A company called Vocus, based in Maryland, has created a suite of PR and marketing tools just for startups and small businesses.
From a single dashboard, we can
- Create press releases and deliver them to thousands of reporters and journalists,
- Track activity in our Twitter and Facebook accounts, and receive suggestions for engaging our audience, and
- Receive inquiries from journalists and bloggers who are looking to write stories that could feature us.
Using Vocus, our followers and interaction have increased on Twitter and Facebook and we’re spending much less time while getting better results. Vocus is easy enough to use that you can be completely new to PR or social media and become proficient within a day. Vocus also has great white papers, guides and webinars to educate you on the latest trends and strategies in public relations and social media.
Check it out. They have given us a deal to share with the ActSeed community, and you can see it firsthand in a really compelling personalized demo by clicking here.
Business Formation: A Little Planning Saves You Money
Thursday, April 19th, 2012Starting a new business venture is an exciting time full of hope and dreams. Unfortunately, the formation of a new business entity is also filled with complicated, bureaucratic formalities that can confuse and frustrate even the most experienced entrepreneur and add unneeded additional startup expenses.
When to Incorporate? One major expense that often arises when starting a new business are the legal fees associated with incorporating. One primary question that many entrepreneurs do not ask themselves or their partners prior to forming a corporation is, “Do we really need to incorporate?” Without any doubt, forming a corporation has many advantages, but is it a vital expense that is necessary when starting a new business?
The beginning of a new business venture is an experience filled with thoughts and emotions that it will grow into the next Apple or McDonald’s, but until that happens, do you have the money to spend on incorporating? More importantly, will your organization financially benefit enough to offset the formation expenses? Apple was in business for almost a year and McDonald’s was in business for over fifteen before they were formally incorporated.
Where to Incorporate? In addition to the normal expense for forming an entity, incorporating in the wrong state can also have a significant impact on your business. Different states have different tax benefits for incorporating in that state. Just because your business is physically in Minnesota does not mean you can’t incorporate in Delaware of Nevada where there are benefits may be more advantageous.
When to File for Incorporation? Another commonly overlooked detail is when to form an entity. Incorporating just before or on December 31 can be costly. For example, some states, California being one of them, requires all entities to pay an $800.00 yearly fee. I have seen clients come in December 30 wanting to setup an LLC before the December 31 and then after it was formed, they could not understand why they had to pay the state $800.00 when they were only in existence for 2 days. Furthermore, the company will have to go to the expense of filing tax returns for an entire year even though they were only in existence for two days. Remember, closing an entity is more complicated than opening one so it’s important to get it right the first time.
Compliance. Compliance of Federal, State, and local laws can also financially burden a business. If not found and resolved quickly, business and corporate compliance issues can be very costly to any organization regardless of size. Professionals, such as lawyers and accountants, who usually bill their time by the hour, derive a significant portion of their income from answering questions and fixing mistakes or “messes” made by their clients. Many of these mistakes can cost a client hundreds if not thousands of dollars. What makes matters worse is that so many of these costly errors could have been avoided with some forethought.
For example, many of us drive our cars for business purposes and deduct the gasoline, maintenance, etc. for the car. However, if the vehicle is not properly titled in the name of the business, the tax deductions could be disallowed. Your CPA or tax attorney will spend a time reviewing the latest case law or IRS regulations looking for a strategy to get the deduction. All the time expended by your attorney or CPA is usually billed by the hour and could have been avoided had the vehicle been properly place in the name of the business from the outset. Most attorneys and CPAs will tell their clients that it costs a lot less to prevent problems than it does to fix them.
Other legal and tax expenses that can be avoided are:
Annual Minutes: Not preparing these can be a real issue as annual minutes are reviewed by other parties for business loans and other activities. No minutes? No loan.
Loan Documents: One benefit to owning a corporation is the concept of loaning money to a shareholder as a tax strategy. This is a perfectly legitimate corporate benefit, but if the corporate documents to do not accurately reflect the loan, the IRS could disallow the loan and convert that money into taxable income.
Timely Filing of All Documents: Failure to file everything from taxes to various Federal and State government reports can be very costly and you may also incur penalties for late filing. Again, this is east to avoid.
Summary
The formation of an entity is a process that can be confusing, arduous, and costly if not handled properly. Don’t rush into it lightly or recklessly. Using the services of a company like Legalzoom or other companies may only impede your decision and cost you more in the long run. Do your own due diligence and seek the guidance of a licensed attorney and CPA before you form any entity. The money you invest in their time should save you needless headaches and let you focus on the future and not wasting time cleaning up the past.
[NOTE: Thanks to Michael S. Duell for this guest author contribution. Mr. Duell is the Director of Business Operations at Ruyle & Ruyle, a firm that includes small business corporate law as one of its specialities. If you are looking for a good boutique law firm that caters to small businesses and startups, consider Ruyle & Ruyle.]
Is Your Business UPS or USPS?
Wednesday, February 29th, 2012The business world is a sea of constant change. To survive, entrepreneurs and businesses have to be proactive and adaptable to the changes.
Recently, there was a debate on Capitol Hill regarding another bailout for the United States Postal System - an entity that has repeatedly refused to adapt its strategies to accommodate the current market.
I won’t debate if the post office should be granted further subsidies with our tax dollars. Nonetheless, the recent request from the USPS did stir some thoughts on their continual failure to remain both competitive and profitable. This led to a recent discussion I had with a colleague regarding how much more effective private companies are doing the same work than an organization funded with tax dollars does.
A prime example is United Parcel Post. UPS is a massive organization in the package delivery business. Similarly to post office, UPS has longstanding ties in this country; both have labor unions to negotiate with, and other similar operating costs. While UPS and USPS have many similarities, only one, UPS, has been profitable. In 2010, UPS posted a net profit of almost 3.5 billion dollars while USPS reported losses of over $300 million. This amount is even more remarkable when you consider that despite billions of dollars in Federal bailouts, the post office can’t seem to make a profit. On the contrary, UPS has made steady profits for decades in spite of growing competition from Federal Express and other carriers – including the Post Office. This is a prime example of the private sector working more efficiently than a publicly funded entity and that, in this instance, bailouts have not worked.
But how does UPS succeed where the Post Office doesn’t?
I would argue that innovation is fundamental for entrepreneurs to to survive greater competition. Innovation forces even large companies like UPS to continually usher in change to its corporate infrastructure. When was the last time you heard the post office inventing something as oppose to always playing catch up with everyone else? 
So how can a small business, or startup, or any private company be innovative with new businesses techniques and avoid the trap of catching up? There are many answers but I routinely utilize the following:
- Think outside the box. Looking at a situation or problem from all sides and taking it apart can lead to new breakthroughs and answers to questions or problems.
- Hire people that question the organization rather than simply saying “yes sir.” The best employees I have ever had argue and challenge me. It also demonstrates to me they care about the company enough to take on “the boss” and not just blindly comply for the sake of a paycheck.
- Look at what your competitors are doing. You don’t have to be the one who created the mousetrap to be successful – just make it better. Apple never invented the mouse for the computer.
Looking at the history of UPS, I am sure you will find many instances where creative thinking, a staff that questions the status quo, and inventing better products and services has made them far more successful than the Post Office.
At your next team meeting, ask the staff, “Are we UPS or USPS?” and see what kind of response you get.
[NOTE: Thanks to Michael S. Duell for this guest author contribution. Mr. Duell is the Director of Business Operations at Ruyle & Ruyle, a firm that includes small business corporate law as one of its specialities. If you are looking for a good boutique law firm that caters to small businesses and startups, consider Ruyle & Ruyle.]
How to Attract Great Advisors to Your Venture
Sunday, January 22nd, 2012Looking for wisdom? So are your competitors and fellow entrepreneurs. Here are some thoughts about how your company can increase its odds of landing in-demand advisors.
Recently, we received a question from an entrepreneur: “We are a technology startup and have got to a level of mild traction with a user base that’s engaged. Now that we know that we are creating value its time to transcend to the next level and get a great set of advisers on board and we are not looking for big names but advisers who are proactive and interested in what we do. Any tips on going about and getting great advisers on board would be useful.”
Our Thoughts:
The tactics for attracting good advisors are similar to the tactics for attracting a top team. Be prepared to compensate them.
Sometimes equity is enough of a lure, but most advisors don’t get excited about a single digit or fraction of a percent ownership to really dig into an advisory role. Compensating the advisor with even a nominal consulting fee is a strong signal that the advisor is valued and is viewed as a signal that value is expected from the advisor in return.
Good advisors are usually in high demand by many more startups than can be served; therefore, it’s important to understand that relevant wisdom isn’t a commodity, but rather a scarce resource. In today’s economy, cash is king more than it used to be. Investors want to see customers paying cash, not consuming free services. Employees want to see cash, not just stock options in expectation that a small slice of equity alone will be worth something material in the future.
Establishing a solid core advisory board – formal or informal – means choosing a select few (not trying to “collect lots of names for the letterhead”) and treating them like a co-founder. Engaging them equally. Listening to them equally. Compensating them properly. Expecting value accordingly.
Founders who don’t understand this should consider just asking an occasional cold-call question to various subject matter experts, but not expecting an advisory relationship with much substance. Too often, founders don’t manage or engage or compensate advisors properly and then blame the advisors for not being useful, helpful or valuable. Too often, the founder-advisory board relationship is structured for failure or at best, it turns out to be a mild distraction to all involved. 
You may find advisor candidates who are interested in what you do, but you still must find the right amount of equity and/or cash compensation to make those who are interested also proactive and committed.
Instead of a conventional perspective of “seed money is the first step towards validation”, the mantra today is likely the converse: “validation is the first step toward seed money.” In more than half of all startups nowadays, the initial validation comes from the wallets of the founders (i.e. first phase is bootstrapping). If the marginal costs of starting a business includes some compensation to key individuals in the budget, the prospects of beating out a competing startup for that same wisdom is very good, and this early tactic sets the pace for startup success, just like proper planning and preparation does.
In summary, wisdom is often a scarce resource. Like anything of value, be prepared to pay a fair price for the advisory expertise you need and your chances of acquiring that wisdom will increase.
Q&A: Pricing for a Startup
Wednesday, November 30th, 2011
Question:
How can a start-up business figure out what to price their service? I started an online/app advertising company for bars and restaurants. I need to figure out what to charge these businesses to be listed after their free trial is up at the end of the year.
Answer:
Pricing a new product is a common challenge of many startups; we completely empathize with your situation.
First, you may want to extend your free trial for an extra month or so if you don’t feel you have the right pricing strategy.
Now, to figure out your ideal pricing strategy, have you done any test marketing or “voice of the customer” / focus group type events? Polls? Do you have a large base of free trial users? If so, you might tap some of them for an open discussion in return for an extended free use period.
We also suggest some paid adword activity with varying “calls to action” at different price points to see what the pull is. This can be done on Facebook or Google. You can also test marketing messages this way. If you can spend some money on a direct email to a list that fits your industry, it’s also a way to test pricing in the message to see how many click-throughs you receive.
As we’re not experts on pricing, we recommend two good books (click on each title below to find each book) that address pricing as part of startup marketing:
Marketing That Works (Wharton School Publishing)
and
Real Time Marketing for Business Growth
Ask your own question to the ActSeed team here: http://actseed.com/contact-us/
Marketing That Works
Monday, November 28th, 2011
This is one of our favorite marketing reference books for entrepreneurs and startups.
Make sure this book is in your own entrepreneurial library.
This book explains how the good steak can sizzle without leaving you with just an aroma. “Marketing that Works” was written by some of the best minds in startup marketing who have held prominent positions in blockbuster startups, idealab!, Wharton and venture capital: Howard Morgan of First Round Capital, Leonard Lodish of Wharton and Shellye Archambeau, former president of Blockbuster’s e-commerce division.
This book includes practical approaches (not just theoretical!) to developing business ideas, pricing, market validation, distribution and channel strategies, product launches and more.
To buy a paper copy or download a Kindle version from our bookstore partner, Amazon.com, click here.
TEC – How One ActSeed Entrepreneur Group Member is Sparking the Economy
Friday, November 11th, 2011
Sometimes, an ActSeed Entrepreneur Group member not only has a promising business, but is also an ally in ActSeed’s mission to assist people in building exceptional companies of all types. The TEC Center is one such partner that has the potential to make a positive impact on our economy.
There are a lot of folks hurting for work and wanting an opportunity to leap out-and-up from their current economic situation. As many big companies sit on the sideline for hiring, a growing number of disenfranchised people aspire to take control of their future and create their own job by starting a business or joining a startup. The trouble is: where do they turn? Where can they acquire the knowledge to be a business owner, a business partner, an entrepreneur?
Entrepreneurship is not a reserved for a “ruling class” or exclusive to the highly-educated. At its core, entrepreneurship is about building something of value that others want to purchase and accepting the risks inherent in the process of moving from “idea to implementation”. This includes butchers and bakers, not just iPhone app makers. Just as ActSeed is dedicated to assisting regular people build exceptional businesses, TEC is committed to training regular people to become business partners.
We interviewed Jack Finkelstein, the co-founder and President of TEC – which is as much a movement for positive change as it is a promising young business. We have provided Jack’s contact information at the end of the interview so you can reach him directly and explore how to get involved.
Q. Describe your “Eureka Moment”. What was the market opportunity that drove your decision to form a company around this product/service?
A. The Eureka Moment came when we realized that every one of our graduates will be guaranteed a job. This is a powerful statement to make in the middle of a recession. We also realized that not only are there millions who need our service, but every year an additional 2 million young adults enter our target market zone.
Q. How did you fund the company to its current state?
My partner and I have self-funded the project till now. We have also formed a 501(c)3 not-for-profit corporation, held seminars with Operation Hope in Harlem to test market our program, acquired an office at 590 Madison Avenue in New York City, and started some of the businesses that our graduates will participate in.
Q. ActSeed champions the need for solid planning and preparation from the very beginning. How important is planning and prep to your company’s success? Can you share an example or two?
A. Planning and preparation is important to the success of any new corporation. The seminars we held at Operation Hope and some of the high schools resulted in the following: Young adults in the inner cities with a high school degree or GED degree desperately want and need the TEC Center Program. Not only will they be guaranteed jobs but they will also become partners in the business that they will work in. Our target market currently has an unemployment rate of close to 20%. The TEC Center Program is a valuable program that can provide them with the type of success they may otherwise only dream about.
Q. How long did it take to get your idea into the market from initial concept to first customer?
A. This has been a 3 year labor of love that not only is about a great business venture – but also a “movement.” From understanding the inner city individual to determining which businesses can be formed and remain successful in the inner city has taken up the majority of our time. The last 6 months have been spent in looking for the right nationally accredited school with the proper accreditation, and Title IV abilities that we require for our program.
Q. What influence have the internet and new media had on the way you are marketing, selling and supporting your products/services?
A. An advantage we have is that we know how to reach our target market. Every high school graduating class, every GED class, and even the colleges represent potential students for our program. It is not a surprise that these individuals all have email addresses and a cell phone. We also utilize the internet as a research tool to teach entrepreneurialism to our students.
Q. Describe the challenges you faced as you built your customer base, including defining the customer target, establishing the right price and pricing strategy and of course, closing the first few deals. Any wisdom to share with other entrepreneurs on this subject?
A. Defining and reaching our customer base is perhaps our easiest task. We decided primarily on young adults in the inner cities because they can utilize our services more than college grads. The cost of tuition is covered through Title IV Federal Student Loan Program. Students pay back the loan after they graduate and begin working. Since all students will be working for one of our company-sponsored startups, we do not anticipate any issues in paying back the loan.
Q. What techniques have you used to establish credibility in the eyes of customers, investors, partners, personnel and the general public?
A. The TEC Center Program speaks for itself. Guaranteed government funding for every one of our students (each student gets pre-qualified for the funding). Guaranteed jobs for all graduates. The government spends approximately $100 Billion dollars every year on education and we anticipate that this will continue for a long time. This is virtually a no-risk, low cost business to enter. A classroom of 32 students can be turned around 3 times a day (each class is 3 ½ hours long). This represents enough revenue to support full operations and the company-initiated small businesses. Direct overhead is approximately 20%. Investors salivate over these statistics.
Q. Have government, University, or other community / economic development programs been useful? If so, how?
A. We believe that educators are good at educating but do not make the best entrepreneurs. Most have never owned or operated a successful business. While high schools mostly concentrate on math and science to prepare students for college, we concentrate on entrepreneurship and prepare our students to become partners in a business – a business that they will enter as a partner, without being required to apply any of their own savings. Most inner city economic development offices attempt to convince large businesses to move into their district in order to create jobs (mostly low level jobs). The TEC Center Program provides the tools, entrepreneurial education, training and a myriad of jobs and businesses that students can choose from.
Q. What is the most important thing people never tell you about joining or founding an early-stage company?
A. Most people do not know enough to give sound advice about founding an early-stage company. Entrepreneurs and optimists tell you to “go for it.” Non-entrepreneurs and pessimists tell you that “most new businesses fail.” The real key to success is to keep your expenses down, understand your target market and product (or service) better than anyone else, don’t hesitate to continually challenge all of your assumptions, and have plenty of contingency plans if things do not go as expected.
Q. Is there anything else you’d like to share that we didn’t ask you in the questions above?
A. In addition to an expected healthy financial return to our investors TEC is a shining example of a social value enterprise: a profitable venture that address a major public need and gives back to the community. The success of the TEC Center Program will also help reduce the dramatic high school drop-out rate, especially in the inner cities. Nationally, the high school drop-out rate is 25% to 50%, over 50% in the inner cities. In addition, 50% of college students drop out of college – 30% the first year alone. This dropout rate is called “The Silent Epidemic” because few people are talking about it. These individuals can now learn how to become entrepreneurs and partners in a business. TEC will be instrumental in training the unemployed, single parent families, returning G.I. veterans, and individuals who have been released from a correctional institution as long as they have a high school or GED degree. Something has to be done now. The TEC Center Program takes a major step forward in solving this very serious situation. Having just 1,000 students in each state represents a major contribution to job creation and the economic growth in each stage. We are not in a high-tech business; we are in a high-value business.
Our thoughts about ActSeed: “ActSeed is very professional and I strongly believe that its CEO, Bill Attinger, truly cares about our program. ActSeed has been involved in every aspect of the processes that are required to present the TEC Center Program as good as possible. You can’t go wrong by giving ActSeed the opportunity of matching your program to possible investors.”
For more information about The TEC Center, please contact Jack Finkelstein, founder and President, at jack@theteccenter.com or visit their web site at http://www.tecmembers.com.
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Are You Three Feet from Gold?
Monday, September 19th, 2011Entrepreneurs, small business owners and founders of startups tirelessly work toward turning their business vision into a commercial reality, and possibly a metaphorical gold mine. While the destination and even the journey can be rewarding, it’s often lonely and frustrating to the point entrepreneurs often give up. If this describes you, then read “Three Feet From Gold” before making your final decision to throw in the towel. It may be a life-changing choice.
There’s no doubt that Napoleon Hill has influenced many generations of leaders with his research and writing that stems from a 1908 encounter with Andrew Carnegie.
Hill’s principals have been artfully brought into today’s business landscape with the book, “Three Feet from Gold”. ActSeed champions books and individuals who can both educate and inspire. Sharon Lechter and Greg Reid do this well.
When you buy this book, buy a notepad, too. This is one of those books that inspire you to take notes and then muster the tenacity you need to pursue your own purpose.
As the book states, the greatest reason for failure is quitting. Don’t even consider quitting until you have read this book.
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