A Dorm Room With A View

As a senior in high school, he paid cash for a BMW with money made by selling newspapers. In 1983, as a college freshman, he sold custom-made PCs and parts out of his dorm room?hiding them behind his roommate's shower curtain whenever Mom and Dad visited. A year later, with just $1,000 in start-up capital, he dropped out of school to focus fully on his expanding business. It took him just eight years to become the youngest CEO ever of a Fortune 500 company.

Today, he is one of the richest people on the planet, with a net worth estimated to be greater than $14 billion. His company employs nearly 60,000 people, and Fortune magazine ranks it as America's most-admired.

Michael Dell's vision as an 18-year-old is now legendary, and he continues to believe in the same basic principles: manage inventory, and listen to and respond to customers. "Being an entrepreneur wasn't on my mind," he once said. "What was on my mind was the opportunity I saw ahead, which was so compelling." Dell understood at a young age that knowing where you want to go is as important as knowing how to get there.

Success Handler Action: What is the vision for your franchise business? In working with our coaching clients, we discover many haven't taken the time to determine the opportunities before them. They're too caught up in the day-to-day trials of just running their business. Others tell us that, while they know their vision, they haven't necessarily shared it with their team. After you finish reading this E-newsletter, use these questions to focus in on your vision, then gather your team and let them know where you're heading together:

~ Where do go for quiet, introspective moments, and have you been there lately?

~ What is your core business, and how does this benefit your customers/clients?

~ When was the last time you took a big chance and implemented a new product/service?

~ Who are the visionary leaders in your industry, and what are they doing better or differently?

~ Why are others still entering your industry, and what new ideas do you think they see?

In giving the commencement address to the 2003 graduating class at the University of Texas, after first telling his parents they still wouldn't get to see him take home a degree, Michael Dell said, "When Dell got started, it didn't come with a manual on how to become number one in the world. We had to figure that out every step of the way. And with each new product and new market, the industry 'experts' said we'd fail?And as always, we did it our way, with customers ? not the experts ? in mind."

Success Handler Action: With your team, identify the "naysayers" who are keeping you from excelling. Is it industry experts, competitors, the economy, suppliers, little voices inside your head, or some other things that are getting in the way of your taking control of growing your franchise business? Here are five ways to help you figure out those inhibitors and get to work overcoming them today:

1. Tell your team about the last time you didn't act on an idea?and what stopped you.

2. Have team members share stories they've heard recently from suppliers and customers.

3. Talk about the things they're seeing on the news and reading in the paper.

4. Ask everyone what they would do if they were "king for a day" in your business.

5. Brainstorm the next "big thing" in your business, and create a plan of action to do it.

Michael Dell created a great company by believing in his vision, and by doing something many forget ? giving customers exactly what they want. In that commencement speech he said, "We didn't invent the concept of selling directly to customers, and we didn't invent the personal computer, and we certainly didn't invent the Internet?but there's always an opportunity to make a difference." Look for the opportunity to make a difference in your franchise business, and you'll find it. Then, things will be so exciting you'll feel like an 18-year-old all over again.

Addendum: In 1995, two college students gave me a lesson about the Internet. At the end of our session, I asked which computer brand they recommended for our home. They quickly said in unison, "Dell." Then one added, "And while you're at it, invest the same amount in their stock." We bought the computer. Today, the stock would be worth around $50,000. Moral?a lot of college students are really smart. Listen to them!

The Coach, David Handler, is the founder of Success Handler, (http://www.successhandler.com), and specializes in helping small business leaders find clarity and take action. He understands the challenges of running a business, because he's been there ? as a small business owner, franchisee, franchisor, corporate leader and trainer. Much like sports coaches, his coaching will show you how to compete on a level playing field in your industry.

RELATED ARTICLES

The Deal is in the Details
What Startups Need to Get a Business Loan, Part 2

PTO; Justification of the Means and the Ends
Some would say about certain issues that the means do not justify the ends. Well more often the ends do not justify the means. For instance if you are trying to accomplish something and know that if you do use the most approved PC methods then you cannot get to the desired results, but use those methods anyway as to not appear to offend anyone, then in the end you offend everyone by wasting their time and by failure of the project.

Competing With The Big Dogs
You run a small consultancy. You're well qualified, experienced and dedicated. Yet you can't get a meeting with the corporate decision-maker.

Before Getting A Franchise
Buying into a franchise is a great way to be part of a recognized brand with the benefit of lower advertising outlay. With many franchises to choose, here are some tips before you get involved with franchise:

Book Yourself Solid: The Simple Selling Process
As a service provider you may not want to think of yourself as a salesperson. You are in the business of helping others and you may not feel comfortable with the sales process. However, you need to let clients know that your service is available. Here are some ways to do so:

Lessons Learned from One Entrepreneur on Vioxx
For the past ten-months, I tried every drug from the popular Vioxx, Celebrex and Aleve, to the long-standing Percocet, Ibruprofen 800, with some other fabulous ones like Fexeril, Ulltram, Naproxyn, and Antevert. (And, this is my short list).

Do You Want to Just Survive or Thrive? (Part 1)
You've probably heard this, or maybe you will relate to this personally. Have you ever arrived somewhere and wondered, "How did I get here?" or "Why am I here?"

Drive Website Traffic Unconventionally, Force Your Children To Do It
If you believe that every little bit helps then keep reading...

Independent Auto Detail Shop VS Biz Op or Franchise
Owning a detail shop can be an exciting and rewarding business indeed. Many times an owner of an independent Detailing Shop will wish to add those items he/she believes their customers want. Since an independent detail shop is not a franchise or affiliate they can try new things and do what ever they want. They use their knowledge of the industry, a little intuition and luck; it is a best guess issue. For an independent detailing shop entrepreneur; there is no proven business plan to go by, but the savvy operator who is in touch with their customers seldom has to face a shot in the dark.

Something From Nothing, With Something To Share
Betrayal, it can hit you like a load of bricks falling from the sky, leaving you with a pit in your stomach that no pill can cure.

Starting Up and Keeping Going
So you had that fantastic business idea, the one that's going to be wildly successful and make you a fortune - and even better, you actually did something about it and started your own business. Good for you! Not everyone gets even that far. Most people sit and day dream about what they might do if only ....

Entrepreneurship: What does it REALLY mean?
Introduction:

Chairman Greenspan and the FED, learn more you will be glad you did
So many people work their whole life to make money, but they know so little about out monetary system. They know so little about the Federal Reserve Bank and so very little about the brilliant minds, which make it all work. To get a better insight to the behind the scenes strategic planning and the intense thought which goes into making it all work I recommend you read a few books on the subject. Let's start on an easy one for your on-going education as an Entrepreneur; I recommend you first read:

The Magic of Float
If you've ever received a service today and paid for it in 30 days you've experienced the concept of "float" ? the time difference between when you receive a service and when you paid for it. In most cases this time period is a convenience to you as a customer, but in the world of business marketing it can absolutely transform your business. In the last 18 months we've grown our marketing budget at Swapalease.com (the company that owns me) by more than 1000% by simply leveraging the concept of float.

New Rules
Last week I was working with one of my small business clients, a bright and dynamic woman who's passionate about positioning her artisan business for growth. We were talking about her financial picture and forecasting robust sales over the next three years.

Identify the Growth Factors
In "The Incredible Hulk", mild-mannered scientist Bruce Banner discovered that when he was exposed to "gamma rays" he was transformed into a massive beast that could ferociously muscle his way to victory in any situation. Other than being disfigured, green, and in nothing but his boxer shorts, the Hulk discovered that a single growth factor could drastically change his ability to handle his problems.

What Kind of Business Should I Start?
It's not uncommon to reach your 30s, 40s or even 50s and still wonder, "What do I want to be when I grow up?" Few people are fortunate enough to be certain of their destinies early on and the rest of us are forced to do some soul searching.

3 Essential Elements of Operating a Successful Business
Have you ever imagined what it would be like to live your dream? A good place to start would be to recognize that there are three elements, and only three elements, that separate success from failure. If you exercise one of the elements, you might just be successful. Two and you will probably succeed. Three, and you can practically guarantee your success.

Success Secrets - What I, Mike Litman Learned From This Old Book
Yesterday was a beautiful, sunny day in New York and yes, I spent it alone :}.

The 5 Senses of an Entrepreneur
If you have seen me speak you will know that I believe the word 'entrepreneur' is used way too much these days. People seem to wear it as a badge instead of just getting out there and doing entrepreneurial things. Just because you run or own a successful business doesn't necessarily mean that you an entrepreneur.

Home |Site Map