entrepreneur 300x188 - Millionaire Rule #9: Be An Entrepreneur


Being an entrepreneur takes a pure drive, but it can be done. You have to have the desire to succeed. A good example of the entrepreneur spirit can be found in Joe Palko and Scott Sanfilippo from Wilkes-Barre, Pennsylvania. When they became ferret owners in 1994, they soon realized there were very few pet stores that carried food or toys for ferrets. Most retail pet stores were reluctant to carry product for this group of animals that seemed to have such a small share of the market.


Joe and Scott started TheFerretStore.com to serve ferret owners like themselves and worked on the business every night after work before devoting themselves to the business full time in 1999. Today, that has over 1,500 ferret products and has expanded their company to include AnimalCages.com, PetCareCentral.com, CritterCentral.com, TheKittyStore.com, and RabbitCentral.com. They continue to develop a specialty market with more supplies that are sold online for popular pets and small animals.


They certainly had the desire to succeed. Starting a business with a vision in your mind to actually making money takes relentlessness effort every day in order to move things forward. It doesn’t work well if someone else is cheering you on from the outside. That type of motivation will fade, especially when it starts to get hard running your own business. Your persistence and determination have to come from within you. Successful entrepreneurs will see progress every day and work hard to make that happen.


Like Joe and Scott, successful entrepreneurs have to be somewhat comfortable with trading a secure paycheck every two weeks and its benefits for working for themselves, especially during the start-up years. Much of making a new business success is getting things done with limited resources and making decisions where you may not have all the necessary information you need at the time. It is about appealing to customers about their needs they didn’t know they had. They came up with creative solutions that took advantage of their assets and strengths they had at that moment.


Find your passion and commit to success. You must be unwavering in communicating your ideas in ways that are compelling to people, that will attract customers and team to work for you. When you care deeply about what you are doing, like Joe and Scott, you will make a point of making sure it is valuable to your customers, create a way to communicate with them, and ask for feedback about whether your business is working and how to make things better. It is a powerful combination to combine a deep curiosity with a deep commitment to your business.


What is your passion? What do you believe in that you will make every effort to make it happen every single day? If you do not have an answer to that question, then keep your day job. However, if an idea comes to mind, you probably have what it takes to be a success. You must be honest with yourself and know how badly you want to be a millionaire.


Ryan Duques and James Warner of Madison, Connecticut were childhood friends and attended high school together when they knew they wanted to start a business together. They started a publishing company to help local businesses market to the community. That let to producing fliers, restaurant guides and eventually a community newspaper. Their revenue business model was to sell ads to local businesses and distribute the paper free throughout the community.


However, when they launched their second newspaper, they went the paid- subscription route and quickly lost money. The customers wanted no part of it and they quickly learned they needed to go back to their original business model.


Ryan and James entered into a partnership with New London, a Connecticut- based Day Publishing that took an equity stake in the company in 2003. This opened up a whole myriad of new resources including IT support and better printing rates and equipment. They continue to blaze new trails in the publishing world.


Do not mistake ambition and desire. Almost everyone has desires, but very few have ambition. Ambition will drive you far beyond material success and wealth. Material wealth is a by-product of your ambitions.  Having all the ambition and desire in the world, without a practical, effective day-to-day approach, will not get you very far.


Fantasizing about high-level goals without implementing a solid plan will leave you with nothing but unfilled potentials. You must put in the effort to do the real work, pursuing low-level goals to achieve the higher-level goals. If you do the work, you will have set yourself apart from the other 90% out there. Make a list of the concrete steps you need to take. They may be repetitive and boring, but it will help you decide whether to move forward or not.



Quick TIP: Find your passion and make a commitment to it every single day.




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