The Millionaire Dropout by Vince Stanzione

Author:Vince Stanzione
Language: eng
Format: epub
Publisher: Wiley
Published: 2013-04-19T16:00:00+00:00

Why Starting Your Own Business Is the Key

I left school at 16 with few qualifications and little experience. Working for someone else seemed like my only option, for the time being.

After three years as a salaried employee in the financial sector, I moved to a company in the same sector that paid a salary and commission. I thought this would work well for me, as I would be paid for being a hard worker. Unfortunately, this was in 1987—the year of the big stock market crash. Although I was a good salesman, even I couldn't sell shares to someone after the crash. Many clients had lost thousands of pounds. Some had lost hundreds of thousands. It was then I learned my first important business lesson:

You can't sell something to someone who doesn't have any money.

Sounds simple, doesn't it? But I see companies and shops making this mistake every day. I will explain later how to make sure your potential customer has money.

Anyway, although there was some hope the financial markets would recover, I knew it would take years, and I didn't want to hang around. It was hard to find another job, so I decided I had to make my own job, and started my own business out of necessity.

This was difficult, as I had no business experience and only a few hundred pounds in start-up capital. In other words, my starting position was probably much worse than your current position.

Once you go into business for yourself, there's no going back. You may sell different products or move in different directions over the years, but your days of working for The Man are history.

Are you prepared for a life of calculated risks, sticking your neck out, making mistakes, and being directly responsible for everything that goes wrong? What if I also told you that the rewards will far outweigh the bad times? Running a successful business means wealth, freedom, and health, and in addition to that, just being an entrepreneur makes you feel good and proud.

Let me tell you about my sister who, with a little help from me, set up her own business. Her new business involved doing exactly what she used to do as an employee. As an employee, she did okay. She earned a good salary and commission, and had a company car. However, we both knew she'd earn far more going it alone.

At her company, my sister earned around £25,000 per year, plus benefits. Not too bad, given this was some time ago. However, in her first year running her own business, she earned over £150,000.

This is a great example of why you should be your own boss. Sure, my sister had to stick her neck out and take risks, but look at what she gained—around six times her original salary.

Now back to you. A few questions ...

If you're working for a company, are you truly happy with your job?

Are you happy with your income?

Are you being treated as you should?

Is getting to and from work

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