I was in my favorite bookstore – Friends of the Library – the other day and found another book by one of my favorite BILLIONAIRE mentors – Donald Trump entitled Trump 101 (see Resources).
Today I am going to begin to share the essence of each chapter he has written about. For me it is mostly a great review of all the other books I have read by him.
First he discusses PASSION for what you are doing. It has NOTHING to do with the FAME or the FORTUNE you could develop for following your PASSION! As Trump states these are BYPRODUCTS of the MAIN ingredient – PASSION!
So find what you are PASSIONATE about and develop it with EXCELLENCE!
If you are going to REALLY be in BUSINESS then INVEST in your BUSINESS!
STOP buying stuff that does not GROW your business! You do NOT need the latest wide screen TV if it does NOT benefit your BUSINESS! Instead invest in a new IPad!
I am working with a friend that has DINOSAUR computers that should be in the Smithsonian! He has a Dell laptop that’s battery does NOT even work! He has a desktop that is slower than a damn turtle! Thank goodness his girlfriend has a NEW Samsung tablet!
INVEST in your BUSINESS! Hey in the USA you can even write off a lot of BUSINESS related equipment when you do your taxes!
Today I want to do a week roundup regarding what we have discussed.
First you should have that MISSION STATEMENT that is CONCISE and KISS (Keep It Simple Stupid).
Second you should be tying your MISSION STATEMENT into at least an EXECUTIVE SUMMARY if not a BUSINESS PLAN. Remember the EXECUTIVE SUMMARY should be no longer than 3-4 pages. Even the BUSINESS PLAN should be no longer than 10-15 pages.
Even if you are not requesting financing DO a BUSINESS PLAN for yourself to keep yourself on track to fulfilling your MISSION!
Finally have a HUGE WHY you are wanting to accomplish this MISSION! This ties directly into the MISSION STATEMENT too. Also this WHY is YOUR WHY not someone else’s!
Actually have the WHY before you write the MISSION STATEMENT and BUSINESS PLAN!
Get ready for a TGIM – Thank God It’s MONDAY, GRUNT!
Now you should have been able to develop a CONCISE KISS (Keep It Simple Stupid) MISSION STATEMENT that tells your MISSION to anyone! If you are having problems then Google “mission statement” to see what others have written. Model them!
Next you will want to make durn sure that you understand and USE basic ACCOUNTING! In these hard times for USA based local and state governments they are making sure they get every damn cent out of you!
Remember the clients that have just opened the retail store? When I asked them what type of accounting system they had set up they said they were using a PAPER sales book like we did in the 1960s when I was a teen!
This is 2014, GRUNTS,(look it up) NOT 1964 when I graduated from high school! Check out a COMPUTER based system like Quicken. When I asked the owner why she was not using electronic accounting she gave some lame excuse of “this is the way I have always done it”! GRUNT, times and things CHANGE!
First you have a MISSION that you have to fulfill! So do you have a MISSION? GOALS?
EVERY business should have a SHORT CONCISE KISS (Keep It Simple Stupid) MISSION STATEMENT!
I am working with a client who has opened a new retail store. They are TOTALLY clueless as to what their MISSION STATEMENT would be! The only reason they are having ANY success is certainly not because they are following a MISSION STATEMENT! Right now they are the ” new kid on the block” and people are coming in just to see the new business.
Yes this is my new monicker! I am beginning a series here based on my own 41 years of experience being an entrepreneur and now a serial and parallel entrepreneur. By the way as I tell people a serial entrepreneur has business after business like I have done and a parallel entrepreneur is a person who has kept all those businesses!
Yes I consider my businesses my “children” as I am a life time single bachelor even though I have several god children (Chloe who turns 21 this week and Christine who is one of the world’s top fashion photogs!
In this series I am going to GET TOUGH with you entrepreneurs and wannabes based on my experience and my own clients.