|
Secrets to Success
Deborah Cole Micek |
Proper attitude and
focused mind help
create millionaires
(Case study Part 2 of 3) While this article title may have caught the attention of a majority of people, it's the entrepreneurial mind that is most likely to implement these secrets to success to become a millionaire.
That's because the entrepreneur is willing to do things radically different from what currently exists. She's willing to go out on a limb, take a risk and perhaps admit she doesn't know as much as she'd like to. She realizes that this is the first step to increasing her knowledge level, and in so doing, she will reach another level of success. Just like Vera did in last week's Case Study.
Let's look at the next case study so you can determine whose strategy you'd be more likely to implement: Business Owner 1, Vera, from Part 1 of last week's article, or Business Owner 2, below. This will give you a hint as to what you need to put into place to reach the level you seek.
Case study No. 2
Business Owner 2, Egor Egoiste, saw an amazing franchise opportunity that looked as though it would solve all his current problems in the business he was not-so-successfully running at the time.It was just the answer he needed! A turnkey million-dollar business, already established with a brand that was unsurpassed in the industry.
Finally, he thought, he could relax a little and not work so hard.
Egor's 'success' strategy
Egor figured that all he needed to do was raise the capital to invest in the franchise. Since he was already in debt, he figured all he had was a "money issue" and that's why his current business wasn't running as successfully as it could be, compared with the guys who had the money to run the business.Allowing his ego to get in the way, he discontinued his weekly coaching sessions that were included with the franchise purchase. He thought he knew all that was needed to know about running this franchise because it was similar to the business he was already running. No time for books, either -- after all, he needed to get jobs done and run the business.
He refused to do anything differently from the way he ran his previous company. All the systems and forms and strategies that were keeping the million-dollar franchise running effectively were tossed aside as "frivolous" and an "unnecessary" waste of time.
When cash flow started freezing up, Egor knew just what to do -- the same thing that everyone does when cash is tight: cut costs; sell equipment; reduce employee hours; do more work yourself; work harder and longer; fire administrative staff that just moved paper around.
In the end ...
Essentially, he continued to run this new, million-dollar, already-established business exactly the same as he did his mom-and-pop operation. Likewise, he ran this new business into the ground, just as he did with his other business, in a staggering, record-breaking six months!Egor's accounts were completely drained within a year. He owed vendors large sums of money, and he started losing customers after they began to experience the results of all the cutbacks, and poor customer service.
Next week, we'll look at Case Study No. 2 and compare success strategies.
Deborah Cole Micek
See the Columnists section for some past articles.
John-Paul Micek is the lead business coach at RPM Success Group Inc. Reach him at JPM@RPMsuccess.com or toll-free at (888) 334-8151.
Deborah Cole Micek, chief executive officer of RPM Success Group, is a business success coach and life strategist. Reach her at DCM@RPMsuccess.com or toll-free at (888) 334-8151.
Access an expanded version of this article at www.GetCoachedforFree.com.