How to Play the Reality Version of the ‘Millionaire Game’!
By “Duke” Runyan, The Leadership Guru Guy
Anyone who has seen the TV show, “MILLIONAIRE”, knows HOW to make a million dollars: Start with a THOUSAND and DOUBLE it, TEN times. The question is, “How does one DO that in actual, REAL life?”
It is very simple, but not easy! First of all, anything of value can be bought and sold. There are probably a million ways to make a million dollars.All great fortunes are based on buying and selling SOMETHING! Donald Trump has said that the best way to make your fortune is to go into business. In his case ,the business was Real Estate, buying, adding value, and monetizing it.
The ABC’s of Developing a Startup:
A.)Find your niche. It needs to be something that you are very good at; and something that you LOVE to do, because you will be spending a LOT of time doing it. Anything from Real Estate, to Energy, to Ideas can be bought and sold (or created).
B).Develop your Team. All great fortunes are the product of a group of people. Surround yourself with people on your Board of Directors who are smarter, wiser and more experienced than yourself. Ross Perot said that he always hired people smarter than himself. In the book, Think and Grow Rich, Napoleon Hill includes a “Master Mind Group” as one of the 13 essential characteristics for success.
C).Develop your Plan. A Plan has three basic components:
1) Where are you NOW?
2) Where do you want to GO from here?
3) HOW do we get there?
Your goals are what drive your success. Anthony Robbins admonishes, “Begin with the end in mind”. Each goal must have a target date associated with it, in order to gauge progress and motivate action. There is no greater motivator than the stress of an approaching deadline, which is one reason why we use the less-intimidating term, target date, written on paper, not concrete, and which can be changed at will, as the situation develops. Plans must be fluid and flexible, maintaining the ability to “pivot” when business models don’t perform as expected. Be in business for the long haul. Persistence is the number one characteristic for success!
The 3 C’s of a Business Enterprise (to oversimplify, there are three basic components of a business):
1)Concept, or Business Model. A PROVEN business model such as a going business or a franchise (which overall have a 95% success rate),will obviously have a better chance of success.These types of business, in football parlance, would be “three yards and a cloud of dust”. Whereas, Startups of new, unproven ideas would be in the category of “throwing the bomb”. It just depends on the level of risk-tolerance of the individuals involved. Tolerance for risk is built into the leadership development programs we produce.
2)Capital, or Money. Once approved by a Council of Elders (The Board of Directors), the Startup will have an excellent chance of obtaining funding. The Board of Directors is instrumental in acquiring seed money. Furthermore,Crowdfunding(CF) platforms such as, http://www.GoFundMe.com, http://www.Rockethub.com, and http://www.Kickstarter.com are leveling the playing field, allowing virtually anyone access, at least, to an INITIAL THOUSAND DOLLARS to get started buying and selling in their niche.
3)Competence,or Ability . All things being equal (Concept and Capital), the critical factor in success and failure is leadership, the ability to influence people to persist until successful. If the critical ability is leadership, then the mantra must be “Leadership Training & Development for all hands, from the mail Room to the Board Room! A wise man once said, “If you want to get the company right, you must get the people right.” On-going Counseling, Mentoring and Development Programs will transform average people into dynamic, enthusiastic, Entrepreneurs. A great company is a great team! A great team becomes a great team when it learns the difference between cooperation and collaboration: cooperation is working together agreeably; whereas, collaboration is working together AGGRESSIVELY!