| |
|
March
8, 2007:
Why Most Entrepreneurs Fail & How To Avoid It
Interview
with Brian Tracy, author of The
Way to Wealth
|
Mike
Carruthers:
Ah,
the life of the entrepreneur - it sounds exciting working for
yourself but it's important to remember that…
Brian Tracy:
Ninety-five percent of entrepreneurs make less than
50 thousand dollars a year because they don't know what they're
doing.
Brian Tracy,
author of the book The
Way to Wealth, says starting a business is easy - making
it successful is the hard part. And it's more than just having
a great idea.
According to
my friends Bill Danko and Tom Stanley who did the work The Millionaire
Next Door - 85% of self-made millionaires, entrepreneurs are
asked, "What was your secret to success?" And 85%
of them said, " I just was willing to work harder than
anybody else, I was willing to work harder than anybody else."
If you're starting
a business, Brian says a business plan is critical. Not for
the reason you might think - many successful businesses never
follow their business plan. It's the process of the planning
that's so powerful. A great example, he says, is the planning
for the D-Day invasion in WWII.
Eisenhower after
the D-Day invasion was asked about the planning process, which
took two years. He said the plan itself was irrelevant - it
was obsolete as soon as we hit the beach, but the planning itself
was everything. So the very action of forcing yourself to think
through every part of the business before you embark on it is
the key to its success.
And if you think
starting your own business is a fast way to wealth…
Average self-made
millionaire in America, that's my focus, takes 22 years.
At somethingyoushouldknow.net
I'm Mike Carruthers and that' s Something You Should Know. |
|
| Keep
up with Mike! Join
the "Something You Should Know" Insider
Update. We'll
e-mail your Update to you every 2 weeks.
|
|
 |
 |
 |
 |
 |
 |
 |
 |
|
|
|
|