DO YOU NEED MONEY FOR YOUR BUSINESS IDEA?

Many, many people feel that the road block to their success is they do not have the money. But the problem with so many of these people is what they really don’t have is a plan. Many also may not even be in a position to complete a business plan. How bad do you want it? This is not about how do I get a job or buy into a multilevel marketing program; it is how to secure financial independence. Yes $1,000,000 in the bank, but I’ll bet a lot of people would to start with $10,000 in the bank or $100,000 in the bank. If you are an ex-con with almost no resources and trying to find a job or you are a successful white collar man or woman with $100,000 in the bank making $30,000-$100,000 year, you still need 3 skills- management, financial, and sales. You may not be able to start your business this month, this year, or for a few years. Instead of having an idea and trying to find $1,000, $10,000, $100,000, or a few million to start your business start working on yourself. Start your business plan now of the company you think you would like to start. If you have no ideas, pick one. Go to the half price book store or Amazon and buy a book on business plans and on “How to start”… a restaurant or brewery or trailer park or a broker dealer or business brokerage firm or you name it. These books might cost $10-15 each. That is about all you have to spend to start a detailed plan, the rest is hard work and developing your plan. Also start getting yourself ready, study sales, management, and finance. The cheapest way to do this is to read, but there are many courses and levels of instruction to develop these skills. So are you really ready to ask for money?

I hope this might make a few people think, before you build a house you need a foundation. This is the foundation you must build before you start your own business. Today, tomorrow, next year, time will pass you by if you do anything or not. You will never get that time back. Dive into this endeavor if you really want to have financial independence. It is really your choice.

No matter where you are starting you can do this, but build that foundation as you plan.

DO NOT CHASE YOUR PASSION FOR BUSINESS SUCCESS

For anyone wanting to start a business, so much has been written about “follow your passion”. Most people should not rely on finding their passion, then trying to make that an economic business. You should work hard and collect skills. Chasing a passion is way overstated and I think kills many people's motivation. The passion and joy will come from the business you create and the people you work with.
 
Most millionaires will state that their passion is enjoying life and their family, and their money was not made by chasing a passion, except maybe a passion to succeed. That seems to be the more common theme. If you are passionate about your desire to succeed, then you will work hard and look for or make opportunities for financial success. There are many, many different types of dull-normal businesses that you can do this through execution.

 

Most of them do not mention their own business as one of their passions. That does not mean they do not love their work. But passion is a strong word if you have 100 passions they are all not passions but probably interests. Every millionaire I have meet worked hard to succeed and very few were on the right path initially.

Mark Cuban summarizes in an article (Don’t Follow Your Passion, Follow Your Effort) he wrote:

1. When you work hard at something you become good at it.

2. When you become good at doing something, you will enjoy it more.

3. When you enjoy doing something, there is a very good chance you will become passionate or more passionate about it.

4. When you are good at something, passionate, and work even harder to excel and be the best at it, good things happen.

So stop trying to turn your passion into a business. Embrace or develop a passion to succeed and leave all opportunities open.

“There is no substitute for hard work.” Thomas Edison.

 

TO BE BORN POOR DOESN'T MEAN YOU'LL ALWAYS BE POOR

Has anyone read a book lately?  

I suggest you might read Andrew Carnegie by David Nasaw. This book is very inspirational.  There are no "how to" stuff, it is a good biography of a real entrepreneur.  I plan to make some other recommendations of other books. Books that might help you right now, but his biography is a lesson in starting from nothing to be the Bill gates of his time (net worth wise). Please add your own book recommendations if you want and tell why you recommend it.

http://www.twylah.com/evgone/tweets/325116054760210432#.UXDTlQamKjU.google_plusone_share

HE JUST NEEDS A JOB NOW

 

I thought my book, One Million in the Bank" would appeal to professionals trying to take the next step financially. However the questions from my One Million in the Bank G+ Community seem to be more basic. Here is a recent question to the community:

 

"Does anyone in the community have any advice for beginner money makers or how to take first steps from scratch? I know once you have money you have to save it also.  Thanks for any advice, tips or ideas you can present."

 

My answer was that this is a journey that you are just starting. Eventually to have $1,000,000 you will probably need to own your own business, but first it sounds like you need to work on the basics. The advice from another member of this community, to get a job and go to school, is a little basic. The bigger picture is you need to acquire knowledge and skills. Even if you have to take an hourly job in a fast food place, do not waste this time. Do the best job you can at anything you do, work hard, learn all the jobs, take all the initiative that you can. But a lot of people work hard and that is not enough; you must be planning for your future. Read on your own about successful people, finance, sales and marketing. Also look for the friends you would like to have at the next stage of your life, people that can help lift you.

This community is not about job advice, but at least in the states you can always get a job as a waiter and here the average is $49,000 in Houston for full time. The nicer the restaurant, the more you make. You may need to start at a less prestigious restaurant with no experience and move up. Many waiters work part time so they can go to school. My waitress yesterday is in her last year of a geology degree.

The point is to expand your job search, but keep your bigger goal in mind, collect skills and knowledge. You may also take jobs that help you learn a skill. Consider a second job for more income and learning. If you do not go to school, you might work for free part time to get your foot in the door of a  profession you want. You should also seek out successful business people and ask their advice, they could open doors for you.

I love the attitude I see and there is a tremendous amount you can do now. You can have financial freedom-believe it and achieve it, but only with your actions.

Mike

ATTENDING A VENTURE FORUM (BEING AROUND THE RIGHT PEOPLE)

 

Last week I attended the Energy and Clean Technology Venture Forum held at Rice University in Houston. About 250 other people and I heard 35 start-ups each give a 5 minute pitch. They were all looking for money ($350,000 to $30,000,000) and strategic partners. These events to me are always fascinating and mentally stimulating. While most of the presenters are still trying to find the money they need for their venture, a few have made it and it is their second or third project.

As important as all the presentations are, the audience was where the money was located. Most of the attendees were angel type investors and representatives of venture capitalists groups. This is a good group of people to know. The event was all sponsored by Rice University in Houston, and there are often angel groups or some entrepreneur groups like this around every major university and in most major cities. Most are inexpensive to join and I encourage you to join at least one. These are all innovative ideas, so it strays a little from my normal business concept. Still, the more you know the better prepared you are to start your own business. At these presentations you will see products and services being pitched, plus you have the opportunity to talk directly with anyone you want during the day or at their booths after the presentations. The main purpose for you is to really expand your mind and learn what might need to be done if you need to find the funding for your idea or product.

Do something proactive and put yourself around successful people. You must start visualizing about how to get $1,000,000 through business ownership. If you could learn how to raise money, I just saw 35 companies that you could perhaps earn equity in and/or make a commission by helping them raise money. You should try to put yourself around successful people and in the right environment. There are tons of opportunities available.  Take a longer term perspective and keep moving forward.

Rice Alliance for Technology and Entrepreneurship

http://www.alliance.rice.edu/

HELPING PEOPLE BECOME MILLIONAIRES

One of my new missions in life is to help as many people as possible to become millionaires or at least to be better off financially. Money is not everything, but it really gives so much freedom to ones life. Plus if more people are creating wealth, it will lift all of society. Wealth is not a zero sum game. Wealth can be created and added to society.

 

The absolute most important trait to exhibit to put one on the road to having $1,000,000 in the bank must be personal responsibility. After you accept that responsibility for yourself, then it becomes dream it, believe it, and achieve it. Most people can dream big, they can also act like they believe it is possible, but the real crux becomes how to achieve it. The most accessible way to having $1,000,000 in the bank is with business ownership or equity in a business. You do not need to own 100% of the business, just a piece of a successful business by having some equity can get you there.

 

I am not selling anything yet, but my book will be out soon, hopefully this year, One Million in the Bank. I thought I was done at least with a complete draft, but I got a good critical review from someone I respect very much. So I have expanded on some points in my book.

 

What can I tell you now that is really useful? Regardless of where you are starting on this journey, start planning and taking action as soon as possible, today if possible. You must put your mind in the right mindset and environment. You need to be around the right people; you must read or study the right material. If you can’t see any way of reaching a $1,000,000 goal, then you must start changing what you are doing, start today. You can do this.

LOTS OF IDEAS BUT NO MONEY

If a person does have a viable idea for a new product or service I think that is great. However, I again emphasize that my focus and recommendation is the surest route for most of us is to having $1,000,000 in the bank, which is to copy an existing business model that others have already done.

I had a lady tell me she had lots of ideas, but lacked capital. That is a little vague to give a good answer too. If you have a really good idea and honestly most are not or already done, then you should get a minimally viable product into the market. Test it and you will be surprised at what you see. You may find a good product. If you have a good developed idea, with some sort of a business plan, the money is there. Most do not develop or test their ideas, often they do not try because they do not feel they can find the money. Without an in depth discussion, I would try crowdfunding and individuals who could help fund a project.

I want to go back to the best idea is to start a business you are familiar with, copy that business. If that is not possible, then do some research and find a business you like. Prepare a business plan and go find the money. I would try the same two sources as I mentioned above first. I know much more needs to be said about getting money from individuals, but there are so many people looking for investments and maybe the excitement of owning part of a business. These people would invest $10,000 to $100,000 each, and you would need a partnership agreement. The expense of the agreement could be recaptured in the money you raise, so could your first year’s salary. There is a lot written about this already, educated yourself as best you can. Ask others who have been there to help you, most people are very generous with advice and like to help others.

Probably most small business owners are not millionaires, but this is probably because they never scale their business. From the very beginning you need to be thinking about how to scale your business, this will most likely be done with additional locations or the internet. The goal I am suggesting is not to own yachts or own a mansion, but to have $1,000,000 in the bank or enough for you to feel you have financial independence.