Make Millions and Make Change!

Learn from the Best

Mike Mann — Mon, 15 Feb 2010 17:28:20 +0000

There are a few classic sales books and tapes that you might want to review during your business planning phase: Jeffrey Gitomer’s Sales Bible; Mark McCormick’s What They Didn’t Teach You at Harvard Business School; Harvey MacKay’s Swim with the Sharks; and Donald Trump’s The Art of the Deal. And, of course, this very book. Although some of the content in these books are pure ego (other than this one), you will also find a lot of usable information throughout.

Another book, which is treated as a bible in some business circles and is a favorite of ours, is In Search of Excellence, by Tom Peters. The essential message of Peter’s book is to focus on people, customers, and action with “constant incremental improvement” as a primary theme, much like kaizen, the popular Japanese management concept discussed more in Chapter 3.

Do Your Research

Mike Mann — Fri, 12 Feb 2010 17:27:47 +0000

It is also important to create and execute market surveys prior to entering any particular business area. Find as many of your potential marketing targets as possible and give them an incentive to complete a well-thought out survey. When you analyze the results, you should have valuable information to guide your decisions. The larger the pool of people surveyed, the greater insight you are likely to gain about your future market. You can easily outsource this function.

If you do ample research and discuss your plans with a variety of lay and professional people, you will be guided towards your best courses of action. If you conduct surveys in the manner described, your risk will diminish, and a preponderance of your financial bets will be based on educated decision-making rather than random risk.

Make Millions and Make Change!

What To Read?

Mike Mann — Wed, 10 Feb 2010 17:26:34 +0000

We also recommend that you read profusely so you can better understand your opportunities: namely broad business periodicals, your own trade journals, and local business press. Some national names to consider are The Economist, Fortune, Forbes, Wall Street Journal, Business Week, Washington Post and The New York Times; the local business sections of other newspapers, and even fluff magazines like Entrepreneur and Inc, which still hint at hot opportunities despite some shallow self-serving “reporting”.

Financial television and radio shows like Bloomberg, CNBC, and Fox Business also uncover many emerging business concepts, and their proponents, that are often worthy of review. They regularly interview the world’s richest and smartest businesspeople who have a lot of value to share. Record the shows, watch them intently, and learn from them.

Nowadays Facebook, Twitter, blogs, newsgroups, email lists, social networks, and other Web 2.0 communications media are the most up-to-date areas to learn about business and share information.

Most importantly, you should study the industry publications that are dealing with the specific business areas you are considering. Over a long period, you should keep your eyes and ears open for all types of ideas. This informal research will lead to areas worthy of intensive research.

Make Millions and Make Change!

The Other Option

Mike Mann — Mon, 08 Feb 2010 17:25:53 +0000

Another option would be to consider niches of big industries. For example, instead of trying to be the leader of the “widget” industry, strive to be the leading analyst of the industry or the leading supplier of specialty marketing services. You should be spending huge amounts of time considering every creative element that might suit your future interests, and then you can bet on the most realistic of those options. Fantasize about your future, and then come down to earth and carry on with business.

Make Millions and Make Change!

Third Best Bet

Mike Mann — Fri, 05 Feb 2010 17:25:20 +0000

Finally, a Third Bet, which fits most new business candidates (if you are not applying your First or Second Best Bet), would be to choose a relatively random line of business after exhaustively studying research and financial models on emerging industries, even if you have no personal interest or history in that particular line of business.
Be creative. Pick an industry that is not fully developed but has a lot of potential. Think about less sophisticated or glamorous business niches since they are more likely to be overlooked by potential competitors.

Make Millions and Make Change!

Second Best Bet

Mike Mann — Wed, 03 Feb 2010 17:24:32 +0000

Spending your life training for one particular type of business would probably not be easy or always fun and this may not be the right path for you. Nevertheless, if you were to do so, there is usually a significant financial benefit. Then again, if you did train for much of your life in one area, there is no assurance you wouldn’t eventually decide to abandon that field and concept for any number of valid reasons. Fortunately, there are additional great career options.

So if you haven’t trained your life for one business (i.e., your Best Bet), your Second Best Bet would be to go into a line of business that you are personally attracted to even if you are not currently experienced in that area. For example, if you have a natural affinity for motorcycles, and identified an under-served market, then starting a motorcycle dealership could be a good choice for you. Choosing an area of personal interest is likely to be a fulfilling option. As a result, you may learn more, work harder, and stay with the industry longer, thereby making more money faster than you would in a boring job.

Make Millions and Make Change!

Peter Lynch Did It

Mike Mann — Mon, 01 Feb 2010 17:23:57 +0000

Peter Lynch of Fidelity Magellan Fund put forth the mantra, “Invest in what you know or what is near to you.” Ostensibly, to invest in something you do not understand would be folly. Warren Buffet invests in the same way, as you can tell from his investments in See’s Candies, Coca-Cola, and Dairy Queen, and even his local Omaha jewelry distributor, Borsheim’s.

Make Millions and Make Change!

Make a Winning Plan

Mike Mann — Sat, 30 Jan 2010 17:23:17 +0000

When choosing the type of company you want to operate, selecting from an area where you have previously worked or studied can be extremely advantageous. This can save you considerable time and will obviously hold more of your interest. Yet, if such an area does not offer the highest long-term financial gain, it may be best to choose another path early on.

From a business perspective, training to work in a field that you are passionate about would be your initial “Best Bet” as opposed to investing your time in something where you have no personal affinity.

Make Millions and Make Change!

The Proactive Entrepreneur

Mike Mann — Wed, 27 Jan 2010 17:22:33 +0000

The more obstacles there are in your industry, the more areas there are for you to master better and faster than the competition. This will place you even further in front of the pack. Were there fewer industry obstacles, competitors would have a better chance at stealing market share at your expense. Therefore, the challenges, barriers, and difficulties in business are beneficial to confident, proactive entrepreneurs like you.

Make Millions and Make Change!

Challenges are Blessings

Mike Mann — Tue, 26 Jan 2010 17:13:38 +0000

Paradoxically, everything that is difficult in business is ultimately for the good because it is yet another obstacle for your competitor that you intend to overcome more effectively. In the quest to grow your businesses, you will constantly discover new, difficult, and unpredictable challenges. Whether you find those challenges to be blessings or curses is just a matter of perspective. Without obstacles, there would be no barriers to entry for competitors, and your market could become saturated and unprofitable quickly. Obstacles allow you to practice and learn from each task in context, and help you learn how to hurdle obstacles in general, which is leverage that you can use for the future.

Make Millions and Make Change!