VentureInc.

  There are myriad sources that construction companies can access when seeking funds for working capital or to grow the business whether that is to broaden the geographical area, expand the array of services, or pursue significantly larger contracts. (Acquisition financing is not covered here.) I have covered many of these sources in previous articles. However, the question sometimes is, “What options should I pursue and in what order?” For construction companies, the answer lies below. Follow these steps to procure financing to grow your business   1. Personal finances. 1. Friends and family. 1. Banks. Typically a line of credit is what you’ll need for your working capital and cash needs...

Each year venture capitalists fund more than 2,500 start-up companies in the U.S. Many of these companies try to conserve their equity capital by approaching venture-leasing firms to secure equipment financing. By obtaining lease financing, these savvy firms are able to use their equity capital for high-impact activities like recruiting key personnel, product development, and expanding their marketing efforts. What are the qualities that make some start-ups more attractive than others to venture lessors? Here are ten factors that most venture lessors evaluate to decide which start-ups to finance: Caliber of the Management Team Most venture lessors consider the start-up's management team to be the...

p>Often companies wanting to grow, raise growth capital by offering investors part of their company through an equity acquisition or private equity offering. Since 77% of all the companies that are considered by Angel Investors for investment do NOT receive investment, it is more important than ever for companies to prepare, expose, and communicate effectively with investors. Companies often arrange one on one investor meetings or participation in group settings which create unique opportunities for companies to "tell their story" to investors. The challenge entrepreneurs face is the time it takes to meet with the hundreds of investors they will need to market to in order to close the few on...

ign="center"> In a time of global economic recovery the need for entrepreneurs and new business start-ups has increased. Through entrepreneurship and hard work, new jobs and increased prosperity locally and nationally, can be created. Whatever the reason an entrepreneur may have to begin the rewarding journey of a business start up, funding of the business will most likely become an issue that eventually should be addressed. There are however multiple steps to be taken prior to raising funds for your business idea, where one of the most important steps is to write a comprehensive business plan. This article is written for those who have successfully completed those steps and will therefore give a...

Most of our clients aspire to a similar end game; some type of liquidity event (sale). Often, such transactions lead to extraordinary material wealth, and provide a payoff for the entrepreneur's years of sweat equity. A recent study validates content previously published in this space. The value of businesses is not proportionate based on size. A $50 Million revenue business could be worth significantly more than 10 times that of a $5 Million business. Within the current M&A environment, the "size premium" is magnified further by a dearth of "deal quality". In 2009, companies with less than $5 Million in EBITDA (earnings before interest, taxes, depreciation and amortization), yielded an average 5.1x...

An Overview: The twentieth century began with the process of transformation of entire business scenario. The economy of India which was hitherto controlled and regulated by the Government was set free to seize new opportunities available in the world. With the announcement of the policy of globalization, the doors of Indian economy were opened for the overseas investors. But to compete at the world platform, the scale of business was needed to be increased. In this changed scenario, mergers and acquisitions were the best option available for the corporates considering the time factor involved in capturing the opportunities made available by the globalization. This new weapon in the armoury of...

NEW YORK -- Insurer American International Group Inc (AIG.N), working to stave off rating downgrades and shore up the capital of its holding company, has made an unprecedented approach to the Federal Reserve seeking $40 billion in short-term financing, the New York Times said.front"> topChief Executive Robert Willumstad reached out to the Fed late on Sunday, according to reports in the Times, the Wall Street Journal and business news channel CNBC. AIG's scramble to secure a Fed lifeline came late into one of the worst-ever days on Wall Street, with Lehman Bros on the verge of collapse, and Bank of America moving to takeover Merrill Lynch & Co. The Fed normally oversees monetary policy and...

Subordinated debt, also known as mezzanine or junior debt, is a second-level of debt. Such debt is referred to as subordinate, because the debt providers (lenders) have subordinate status in relationship to the senior debt. Senior debt refers to debt that is in first-lien position. In the event of a default and subsequent liquidation, the senior lender (often a commercial bank), has first priority in recouping its investment. When a company goes bankrupt, stake holders divide the proceeds from selling the company's assets. The senior lender is first to be re-paid, followed by the subordinated debt holders, followed by equity holders. Because senior debt's first priority repayment presents a lower...

Bridge Loans are a short-term financing option and are used while waiting for permanent financing, or the next stage of financing to be obtained. Bridge loans provide funding to "bridge" the gap between a company's current needs and their long term financing requirements. One of the characteristics of a bridge loan is that they can close quickly, which in turn allows a company to capitalize on a timely business opportunity, or acquisition. The quick access to money can also allow a business the chance to avoid penalties, bankruptcy, or other temporary problems. If longer term issues need to be dealt with, this transitionary financing provides the company time until longer term financing can be...

Dividend announcement effect on Indian bourses Perhaps no other area of finance has been subject to so much empirical investigation during the last four decades as the behavior of stock prices. The present study attempts to contribute positively to the understanding of the behavior of Indian share prices in relation to the dividend announcements. The study analyze the dividend announcement, it includes 100 blue chip companies. The dividend is the cost of equity capital to equity shareholders. The announcement has an impact on the market price of the shares; the market will react positively, if the dividend is upto the expectation level of the equity investors. At the same time if the dividend...

With the nation on the brink of economic collapse, Wall Street panic at an all time high, and hedge funds and financial institutions disintegrating, New York based Elliott Associates has parked an additional $1 billion into Ryan Kavanaugh's Relativity Media which will finance a large slate of Universal Pictures' films over the next few years. And the question remains "why?" in today's economic crisis as well as the recent pull out of billions of dollars in institutional capital from the studios. No matter how bad things are in the world, people need to be entertained. And while the crowd mentality of panic in the U.S. financial markets exists, overseas, properly structured commercial films generate...

Traditional methods can be used to value companies with track records of revenues and profits, but they are ineffective for determining value of a start-up company. Too many assumptions of moving variables make valuing early ventures using these methods useless. Determining expected growth rate of revenue and profits is meaningless when the success of a start-up cannot be confirmed. A market may reject the new product or the regulators might not approve the product in the first place. Moreover, several ventures may be based on new ideas which are not yet tested and do not have an established market. Valuing start-ups is still important, especially for investors as it helps them in deciding the...

The equity sharing approach to buying a home has been around for a long time. But recently it has become more popular due to rising mortgage rates and increasing real estate prices. Simply put, home equity sharing makes it possible for you to buy more home than you can afford today, by sharing the purchase of a home with an equity partner. Typically, when you buy a home, you put some money down. The rest of the payment for the home is provided by a bank, from which you take out a mortgage. With equity sharing, part of the down payment is provided by an equity partner. Much like venture investors buy part of a startup in exchange for equity in that startup, equity partners buy part of your home in...

Entrepreneurial ventures are constantly in the market for new capital. Experienced entrepreneurs realize that the financing of companies is done in stages and that they have to be flexible in identifying the latest trends in financing. For many startup entrepreneurs, initial financing can be the hardest part of launching their new business. It is a popular misconception that an idea, a startup team, and a preliminary business plan will get them in the venture capitalist door. They expect to exit, happily, with the check in hand. Unfortunately, traditional venture capital, i.e. funds supported by institutional investors, only finances a fraction of the new companies started each year. Over 90 percent...

There are many ways that you can finance your business, but one of the best among them is to seek venture capital. However, this gives rise to one of the most common questions - "What is a venture capitalist?". In this article, I will try to answer your question about what is a venture capitalist and also point out some really useful tips that you can use to make the venture capital work for you. The venture capitalist is basically a person or a company, who are willing to take financial risks. Those people are looking to make their investments grow, by investing in innovative ideas. However, you must have really exceptional and promising ideas, to grab the attention of the venture capitalists...

Is it better to raise private money to buy and hold or flip real estate? Great question. If you're thinking about this, you've already got half the battle won - you've decided to raise private money. You have picked the right financing option for building a successful and extremely profitable business. Like the old knight said at the end Indiana Jones and Last Crusade: "you have chosen wisely." To answer our question, consider my three elements of raising private money: You, Investor, Deal For illustrative purposes, assume we have the "You" and the "Investor" taken care of - meaning your business plan, offering documents, marketing and other components are in place and you have an investor that is...

There are easy ways and there are hard ways to raise private money. One of the easiest of the easy ways to raise private money is to incorporate self-directed IRAs each time you talk to a prospective private investor. Self-directed IRAs are still relatively unknown outside of the niche real estate investor world, which means you have some huge advantages - you're not just a face in a crowd saying the same thing everyone else is saying. Lest you forget that there are a lot of other forces out there competing for your private investors capital (financial planners, stock brokers, banks) it is critical that you have a unique proposition for them. As soon as I began showing potential private investors...

Private lending is a world unto itself. Completely different from the snobby banking process we're all used to. Fact is, using this fast and easy money to solve debt problems is a true "God send" if and when you need it. While it can come with slightly higher costs, the benefits are through the roof. I'll even show you how to use them to flip real estate for instant profits. What exactly is a hard money lender? First off, they're people -- with lots of money. They lend their money to people and businesses in return for a rate of interest. They always lend in the form of a mortgage against some type of residential or commercial property or raw land. They are also called "hard equity investors" or...

I was recently a speaker at a conference for entrepreneurs. My topic was about the different ways to raise investment capital. At the end of the program, a young entrepreneur spoke with me about how he was raising capital to produce a film. A couple of weeks later, I received a letter from an accounting firm who was soliciting investments for the young filmmaker. On its face, the letter seemed like a excellent idea: the polished letterhead from the accounting firm (and their endorsement) made the young filmmaker seem more credible; this was a great reason for the accounting firm to contact new people; and, if the filmmaker raised the money he needed, the accounting firm would surely have a great new...

Raising private money should be a focus in your business. Once you've made the decision to bring private investors in to finance your deals, your focus must shift to attracting people to your opportunity. The typical route taken at this point is a slow, steady beat of the "get secured returns at 10% per year" drum - which all to often gets heard by the wrong people in the wrong context.You might find yourself casting a wide net and coming up with an old boot and a rusty can. But, there's a better way... What if you could turn every person you meet into a marketing voice for you? What if each time you got a business card there was a possibility of real business to result from it (instead of tire...

Start up investments and early business age developments appeal to angel investors a lot. Moreover, these types of business and those that are struggling for survival and revival need investors. Presentation of the business ideas to investors that will help with the continuity of the business operations can make a huge difference. The help from angel investors can provide the company with advisors experienced in the field of business. It is normal for any company to experience financial or management obstacles and experienced angel investors can add assurance to the company's success. Whether the company is struggling or starting the qualities of experienced investors who are patient, willingness to...

If you want to make money from buying and selling financial instruments, you may as well join a group of investors who know how to take risks and get higher returns on their investments. Most people view investors as people who are concerned with making investments, whether they are investing in stocks, bonds or foreign exchange. Investors are commonly referred to as a set of people or companies that are deeply concerned with buying or selling equity, debt securities or other financial instruments for a financial gain. Not only are investments made in stocks and bonds, but investors may also purchase assets, personal property, foreign currency and other commodity derivatives to make money. There are...

When it is time to arrange the financing for an acquisition, it is important to be creative. When seeking money to buy a company, you will notice that a number of community banks, typically big funders of certain acquisitions, are encountering difficulty due to their degraded residential (builders) loan portfolio. Creativity can make the difference between accessing capital or canceling the acquisition, especially now when credit markets are tighter. Here are some options for financing acquisitions: 1. Owner financing / seller financing - Go to the seller first. Who is better prepared to finance the business than the person or company who owned it? They know the business better than anyone and are...

"Joint venture" is probably one of the hottest and overused words in all of business. I'd like to shoot the person that invented the term. But it's here with us to stay, so in that case, we might as well figure out a way to deal with it. It just seems like everywhere I turn around, somebody has a joint-venture for me. Most of these so called joint-ventures are one-sided: like I take all the risk and the person proposing the JV has all the upside. Here's a good one for you: "Adam, how about I find a deal for you and you bring the money to fund the deal from your private investors. You guys can manage and rehab the deal and we'll split the profits?" Whoa! Where can I sign up?.....NOT! (I love bringing...

You have a creative mind and consistently are thinking of new ideas, new products, and new ways of doing things. I know this about you, because you're obviously doing some online research about how you would go about turning one of those ideas into a reality; a product that you can actually sell-to people who don't know you. Congratulations on your decision, I wish you much success with your new idea, and would love to see it on the shelves of Wal-Mart someday! I've been down the road that you're embarking upon, and have written this article to help you bring your idea to market easier, faster, and cheaper than what anyone else will tell you is possible. With the a recent product that I launched, I...

> Venture Capitalists By William Cate Published March 1998 [ [ They invest in less than 1% of the companies they review. Your oddsof raising money at the race track or in Las Vegas are better than yourodds of finding a venture capitalist. I don't believe that it's worth yourtime and money to seek their investment in your company. Venture Capitalists aren't Fairy Godmothers. If you won't give up 60%-70% of your company for the venture capital investment, you'll neverinterest a Venture Capitalist in your company. For most business owners, acontract with a Venture Capitalist is a deal with the devil. Let's assume that your company is a winner of the Venture Capital Lottery. You'll become a minority...

One of the most sure-fire ways to build your assets is to invest, whether it's in stocks, bonds, mutual funds, real estate or business. But this is one of those areas where the phrase "it takes money to make money" is absolutely true - you can't grow your money through investments until you have money to invest! There are a few ways to get money for investment, some simpler than others: Savings. You should already be building your savings and, once you register a healthy number in your account, it's time to take some of that capital and invest it in something that will give you a higher return on your money than the interest from savings. Even a smallish investment - like putting a few thousand...

"A smooth sea never made a skilled mariner" - English Proverb Myth #1 - You can use money the same way every one around you uses it and still become financially independent According to statistics compiled by the U.S. Department of Human Services state that 95% of the American population will never achieve financial independence in their lifetime. That is one of the most pitiful statistics that I ever heard of in my life. Myth #2 - The responsible use of credit can enhance your life. This is a very dangerous lie that is told to the American consumer by the banking industry, you know, the guys that issue you their credit cards and bury you in interest and fee's. Only these parasites and retailers...

> I know you've seen the advertisements. They are everywhere that you look:newsgroups, email signatures, web site articles, press releases and even inyour own inbox (in the form of spam). It can be especially overwhelming to anewbie (someone new to the internet). You know what I mean - money makingopportunities. Sometimes they seem so enticing, so wonderful, so obvious that it justappears that someone had indeed stumbled on the perfect money making scheme. And, better yet, they are good-hearted enough to want to share it withanyone, for the small price of $19.95 (per month), $295 or even $3.95. Whatnice people. Of course, if you think about it for even a minute, the first question thatcomes to mind...

As mentioned before in my previous articles, there are all kinds of different investors around for the entrepreneur to choose from. We have already covered the types of investors there are, which can be business lenders, angel investors, institutional investors, or venture capitalists. This is just a broad range of investors that you might see. Once you have your business plan and your executive summary ready, you are now ready to seek the right investor to ask for capital. There are several factors that you need to take into consideration before actually contacting your prospective investor. There are many things you need to look into, such as stage, industry, and geographic preference. Furthermore...

George Monbiot's recent guardian article got me thinking about the nature of research and development in the photovoltaic industry and how R&D has been impacted by feed-in tariffs in Europe. Having worked in photovoltaic research both in a university laboratory and industry I have some experience of R&D. The field of photovoltaics certainly falls into the category of applied research, meaning that the ultimate goal is not only to gain new knowledge, but to bring new products onto the market that improve the world around us. To achieve this however, there is a long journey that must be undertaken - getting a new technology onto the market is a multi-stage process. Of course every new idea is...

When I wrote about the dimming outlook for jobs earlier this month, I quoted John Challenger, CEO of recruiting company Challenger, Gray & Christmas, as saying that companies were intent on cutting costs, with the implication that many of them would have to cull staff to do so. That's exactly what seems to be happening on the West Coast, where a number of startups (as well as bigger companies like eBay) are laying off employees in hopes of making it through the recession. Among the companies making cuts, reports the Los Angeles Times, are Zillow, Pandora, AdBrite, Hi5, Jive Software, Redfin, Seesmic and Zivity. Seesmic founder and CEO Loic Le Meur says that laying off a third of his company's...

Our recent trip around 10 cities in United States has confirmed our view that CleanTech industry is truly strong in US; although China is catching up; the spirit of venture capitalism and support for innovators is second to none in the world. That said; certain cities in US are particular supportive to CleanTech developments; here are some suggestions based on our findings: 1. San Diego: We have spent several weeks in San Diego; the city is already known to be highly entrepreneurial; and has invested heavily in new ideas and technologies. This is no exception when comes to CleanTech; moreover; there are facilities available and can be transferrable for CleanTech opportunities. The city also hosts...

   by: Geoff Ficke  Mapping the human genome had been a goal that modern bio-scientists yearned to conquer for decades. Human genome, basically a map of each humans cell make-up, if properly researched and documented, could provide the answer to myriad mysteries, including: why we age, genetic markers, causes and cures for diseases and many more questions previously thought unobtainable. The drive to chart this monumentally complex scientific puzzle lead to an interesting competition. Entrepreneurs can learn much from this race. The United States government’s National Institute of Health, partnering with the British government was tasked with charting the human genome in the mid 1980’s. The...

Interim management providers need to work harder on their marketing skills for the sake of their sector as a whole in order to take full advantage of this expanding market, says Paul Wilson. He states "I often attend networking events/meetings and I am regularly asked what my company does. There tends to be a respectful silence when I state "We provide interim managers". Indeed even senior executives of companies ask, "What is interim management?" I get asked the question so often that it has caused me both embarrassment and caused me to re-consider our marketing policy and how best to approach our potential customers. All statistical evidence points at a growing interim market sector where skilled...

-link"> Great Plains ERP or its new name Microsoft Dynamics GP is targeted to variety of mid-size and larger businesses in Southern and Northern California as well as to all US states, Canada, Mexico and to English speaking countries around the globe.  In this small publication we would like to give GP implementing highlights with San Diego and Los Angeles specifics.  We believe in high tech and venture capital market future of San Diego, Orange County and in entertainment and Port of Los Angeles and Long Beach related industries in LA area, plus Southern California connection with Mexican Maquiladora belt, where Spanish GP support might be crucial and obviously required: 1.       Great...

Nothing puts a damper on a pay-day celebration like finding out that the dollars on your pay stub have been stolen along with your identity. Although tiny in size, your pay stub is can be pretty valuable in the hands of a criminal. Personal information printed on your check, such as your full name, address and Social Security Number, are key pieces that a thief needs to steal your identity. Customers and employees of Phoenix-based AmCheck, a leading payroll processing company, can now take advantage of an identity theft protection offering as a result of a partnership announced today between the company and LifeLock®. With more than 1,500 clients that service more than 200,000 employees, AmCheck...

"> According to the report of TRI.TO TRI.N，the global news and information provider，on July 7th , Chinese enterprises have attracted 2.6 billion dollars Privately Offered Fund Investment in the first half of this year, which accounts for 36 per cent of the total Privately Offered Fund Investment in Asian and Pacific region and China has got the maximum benefit from Privately Offered Fund in Asian and Pacific region ex-Japan. Private-equity Investment carries a great financial support for Chinese Small and Medium Enterprises’ financing. Many policies, laws and directives have been set in place by Chinese government to encourage Private-equity Investment. Private Equity, (hereinafter as...

div align="center"> Which came first? The chicken or the egg? When it comes to raising venture capital, it’s hard to tell whether a company’s sales lay the golden egg or are the golden egg. On the heels of a dot com slowdown, a tried and true business model is reemerging and offering an effective, proven way to approach investors. It’s no secret that not so long ago investors, eager to cash in on an exploding Internet e-conomy, happily funded technology companies headed by strong teams offering futuristic wares. Some of those companies came to the table with a viable business plan and others hoped that funding could command their business model. It didn’t take investors long to...

Shell Electric Mfg. (Holdings) Company Limited. (81) - Financial and Strategic Analysis Review Shell Electric Mfg. (Holdings) Company Limited (Shell) manufactures electronic appliances. The company operates through three business divisions namely, Manufacturing, Technology and Investments. Through its Manufacturing division, Shell manufactures consumer electrical appliances, industrial products and electronic manufacturing services. Under the Technology division, the company offers enterprise software, blade computers and technology venture investment. Through its investment division, Shell assists in property development, property investment and transport business. This comprehensive SWOT profile...

Perhaps no other invention idea has failed to live up to its promise like the jetpack. Since the 1920s, science-fiction literature and films have propagated the notion that we'd all be flying around with jet-powered backpacks by now. But, despite noble efforts, that dream hasn't quite come to fruition... Or has it? For 27 years, Glenn Martin, an inventor from New Zealand, has been secretly developing what he calls "the world's first practical jetpack". And, for the first time, Martin unveiled the invention this past Tuesday at the EAA AirVenture in Oshkosh, Wisc. - a show devoted to all things aviation. Martin says he hopes to start selling the devices next year at a price of $100,000 per pack...

Minas Gerais is the second most-populated and second most-richest state of Brazil. The service sector is the largest contributor towards the GDP of the state of Minas Gerais. It has marked economic divisions. The northeastern region of the state is characterized by poverty; however, Teófilo Otoni and Governador Valaderas play a key role in attracting foreign traders for its semi-precious gemstones such as sapphire and topaz. The central region has huge iron deposits. It also houses reputed companies such as Iveco and Fiat. The southern region has many medium-sized cities boasting of solid industrial bases including: Varginha, Juiz de Fora, Pocos de Caldas and Pouso Alegre.  Western Minas Gerais is...

Usually, a win-win scenario is created in trying to negotiate a joint venture. You need to be open to other possibilities however. The other party may want what you are offering but in a different quantity format or size. Maybe they prefer just one of the features of the product you are offering. In other words, You are not really sure what it is they want, or how much of it. The very first thing you need to do before going to see prospective joint venture affiliates is how much you can afford a joint venture partner. Remember that you can pay them in two ways: • As a percent of the gross sales which is a prevent of the net proceeds. • Under another financial arrangement. A lot of business...

Venture capitalism, a potentially beneficial form of investment for small businesses especially for technologies, industries, dot coms and biotech types of businesses. For the first part of the year, venture capitalist industry has been going steady and it seems that venture capitalism is alive and well. Biotech, software, media and entertainment investments, telecommunications, and various internet-specific companies seem to be going well. Despite the risks of venture capital, entrepreneurs still try to obtain approval of venture capital organizations to get hold of some money to finance their growth and development. Entrepreneurs from across the country take advantage of the growth of venture...

ng and keeping the right team is one of the toughest and most important tasks you take on as a business owner or entrepreneur. Yet it doesn’t always get all the attention it warrants. Business owners focus on the work. In contrast, when investors (Venture Capital groups or Angels) look at a business they are likely to focus more on the team than the business. Why? As Jim Collins substantiated with his Fortune 500 research for his bestseller From Good to Great, it’s the team that creates and sustains success. So when you’re thinking about the team you want with you, as you build or grow your vision of the business, here are some constructive tips to do it right from the start: 1...

 Here's an interesting statistic: 10% of all condom users who are exposed to the latex protiens in latex that are added to rubber products are allergic and exposed. These users aren't just allergic to the latex in condoms; there are over 40,000 products that require a latex application, everything from automotive tires to apparel, to heavy industrial uses like foam. The allergic properties of latex come from the naturally occurring chemicals that make up the latex in its rawest form: as sap from South African and Latin American trees. While there are ways to reduce the allergenic properties of latex during production, they cannot be eliminated. And that's where Vystar comes in. Mr. Doyle...

17;m passionate about this topic and say absolutely “yes!” Networking is not only worthwhile, it is critical for any type and any size of business. Events -- networking or not -- are the best way to make connections and promote your company as well as personal brand. Not only can you find new clients, you can find new partners, suppliers and employees who can take your business and career to the next step. Keep in mind that networking rarely yields new business overnight. It is a process that takes time and requires nurturing. You may get lucky and close a deal within a week or two. However, it is more likely you will start a relationship that can eventually end up with a sale and loyal...

Even if you can't Patent your knowledge, you can still earn great Residual Income for the rest of your Lifetime! Sit back and think about what you would do if you found a fantastic idea and realized that you could create a truly unique and innovative product that would make a difference to peoples lives and have a place in the market. If you could develop that and get it to market, that is, have it actually being manufactured and sold then you could get profits from it coming in year after year. Life would be so easy. How do you do this though? 99% of patents never lead to products in the marketplace. Fairly daunting odds. But, if you have the right idea...... Imagine it is a medical product, which...

Success with your IT consulting business won't happen overnight. In this article, you'll learn when you can expect to start bringing in some good profits. IT Marketing: It's a Systematic Process Ok, so you've joined the chamber, will be attending your first networking meeting this week, have participated in venture capital groups that are geared towards IT and have been handing out your business cards all over the place at regional trade shows. Unfortunately not much has come of this so far. What is the problem? Time. It will take three to six months to begin to see the payoffs. You won't see immediate results by joining an organization. If, however, you have been actively participating for 6 months...