The Affluent Entrepreneur E-Book

Patrick Snow

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 352

Veröffentlichungsjahr: 2011

Beschreibung

Take charge of your financial future and improve your overall well being In today's unpredictable economy, the best way to ensure financial security is to build your own business. You can neither count on nor control your employer's success, but you can depend on your own creativity and solid work ethic to achieve prosperity. The Affluent Entrepreneur empowers you to identify your innermost marketable passion, and then turn that passion into your profession by becoming a successful business, regardless of your background, experience, or level of education. * Provides you with 20 proven principles to achieve success faster than you ever imagined * Propels existing entrepreneurs toward reaching the next level with their business * Offers proven advice from an author who has been featured in major newspapers such as USA TODAY, The New York Times, the Denver Post, and the Chicago Sun-Times, as well as on hundreds of radio stations If you're tired of depending on others for your success and well being, The Affluent Entrepreneur gives you the edge you need to launch and grow your own business and create your own long-term financial freedom and security.

Leseprobe

Contents

Cover

Praise for the Affluent Entrepreneur

Title Page

Copyright

Dedication

Acknowledgments

Introduction: Building Income Security

Principle 1: Creating Your Own Unique Product or Service

Identify Problems or Opportunities in the Marketplace

Do What You Are Good at and Enjoy

Most Marketable Passions

Unique Selling Proposition

Keeping Your Overhead Low

Writing a Business Plan

Summary

Principle 2: Identifying Hot Trends in the Marketplace

Trend of Collecting Gold and Silver Coins

Matching Your Passions to Today's Trends

Identifying Other Trends but Not Working in That Industry

A Personal Transportation Trend

Summary

Principle 3: Getting Your Family's Support

Credit Score

Coming to Terms with Your Spouse

Happy Family Equals Happy Future

Family Must Be Your Top Priority

Summary

Principle 4: Applying the Principles of Successful Selling

Starting Young

The Affluent Entrepreneur's Sales Success Formula

Your Biggest Obstacle

The Formula

Prospecting System

Summary

Principle 5: Finding and Hiring the Right People

Commission Only

Finding Talent

Summary

Principle 6: Developing a “No Matter What” Mentality

You Decide Your Future

Where There's a Will, There's a Way

There Is Always a Way

Summary

Principle 7: Participating in a Mastermind Group

Mastermind Defined

Meeting Agenda

Who Should Be Your Mastermind Partners?

Summary

Principle 8: Outsourcing Your Non–Revenue-Producing Tasks

Bookkeeper

Virtual Assistants

Virtual Board of Directors

Summary

Principle 9: Securing Win-Win Transactions

Going the Extra Mile

Above and Beyond

Look to Implement a Win-Win with Your Family

Summary

Principle 10: Leveraging Technology and the Internet

Conference Calls

E-mail

Blogging

Fan Pages and Social Networking Ads

The Internet

Summary

Principle 11: Taking Calculated Risks

Risk

Summary

Principle 12: Turning Adversity into Your University

Failure

A Few of My Adversities

Presidential Example

Quotes to Help You Beat Adversity

Summary

Principle 13: Using Other People's Money

Five Types of Seed Money

Best Solution

Your Most Audacious Goal in Life

Other People's Money

Summary

Principle 14: Prospecting 50 Percent of Your Working Hours

Managing Your Time

The 50 Percent Rule

Outsourcing

If You Build It, They Will Not Come

Summary

Principle 15: Building Your Brand Identity

Branding “You”

Summary

Principle 16: Hunting for Big Deals

Selling in Volume

Summary

Principle 17: Investing in Yourself

Entertainment versus Education

Formal Education versus Self-Education

Wealth and Taxes

Taking Charge of Your Future

A Better Way to Set and Achieve Your Goals

Summary

Principle 18: Marketing Your Business Instead of Advertising It

The Difference between Marketing and Advertising

Summary

Principle 19: Creating Walk-Away Incomes

Inner Circle

Collections

Summary

Principle 20: Selling Your Business and Starting Over Again

What's Next?

To Cash In or Hold Out

Summary

A Final Note: Passing It On and Giving It Away

The 20 Character Traits of Affluent Entrepreneurs

The Affluent Entrepreneur's Creed

About the Author

About the Snow Group

Best-Seller Book Coaching

Book Patrick Snow

Index

Praise for The Affluent Entrepreneur

“Patrick Snow does it again! The speaker and coach who brought us Creating Your Own Destiny picks up right where he left off, with The Affluent Entrepreneur. His message is timeless while the timing is perfect. This book needs to be in the hands of everyone who is interested in making a life, not just making a living. The principles in this book are sound, timely, rich, and inspirational. Bottom line, a great read and one I'm grateful to have on my bookshelf to reference for a lifetime.”

—Randall Broad, Coauthor of It's An Extraordinary Life—Don't Miss It www.ItsAnExtraordinaryLife.com

“After the 2007 economic downturn, it's apparent the old ways of building financial security are unreliable and outdated. In The Affluent Entrepreneur, Patrick Snow offers 20 powerful prosperity principles that, when followed, will give you income security to withstand any economic climate and provide peace of mind and the time and freedom to enjoy your dream life. Patrick shares stories of his own and other entrepreneurs' real-life trials and triumphs, stories that will inspire you to take back control of your life from an employer and put it in your hands where it belongs.”

—Flora Morris Brown, PhD, Author of Color Your Life Happy www.ColorYourLifeHappy.com

“This book shows you how to overcome the biggest single challenge to succeeding as an entrepreneur. It is powerful, practical, and immediately useful. Read it cover to cover.”

—Albert Mensah, Author of OK Means Opportunity Knocking www.AlbertMensah.com

“These 20 principles are essential to building a solid foundation for your success. Applying this book to your life will accelerate your journey to success.”

—Britt Santowski, Author of The Three Strategies of the Unstoppable Woman www.TheThreeStrategies.com

“Every now and then a book comes along that provides the right perspective at the right time. The Affluent Entrepreneur is one of those books. You can't reach a new level if you can't define it. Patrick has done an amazing job at helping entrepreneurs to do both.”

—Kevin Hocker, Author of The Success Compass www.TheSuccessCompass.com

“Patrick Snow is dead on! If you want a better understanding of the ins and outs of being influential in business, you have got to read this book!”

—Dr. LaVerne Adams, Author of Driven by Destiny www.DivineDestinyDoctor.com

“Are you in fear of being laid off? Or, have you been terminated already? Read this book and learn how you never have to work for someone else again. You can create your own successful business and achieve financial independence on your own terms. Patrick Snow will show you how.”

—Terri Dunevant, Award-Winning Author of The Staircase Principle www.WinCourage.com

“This book is both eye-opening and inspiring; it provides a well-defined path to obtaining an abundant life filled with joy, peace, and the excitement of tomorrow! I know this to be true because I know Patrick Snow!”

—Frank Reed, Author of In God We Trust: Dollars & Sense! www.BottomLineMinistries.org

“Patrick's message is life-changing! He not only cares about people, but also is generous, genuine, loving, and WALKS his talk. If you want to live your dream, do what he does. Read this book and you will learn how to achieve prosperity.”

—Laurie Hardie, Author of Reviving the Dream www.RevivingTheDream.com

“Taking full responsibility for one's own financial health (becoming an entrepreneur) can be a scary thing, but it can open the doors to a life of unlimited prosperity, security, and fulfillment. Patrick Snow inspires and shows you how to take that daring leap!”

—Dr. Marvin Kunikiyo, Author of Revolutionizing Your Health www.RevolutionizingYourHealth.com

“Patrick has nailed it with this book. The timing of his wisdom and the knowledge contained in these pages is an excellent guide for those seeking to create their own financial destiny! In a time of great economic change, get this book now and follow the sage advice and wisdom it contains!”

—Tony Rubleski, Best-selling Author of Mind Capture www.MindCaptureGroup.com

“Patrick Snow is one of those rare individuals who is the real deal. He is brilliant when it comes to doing what it takes to make dreams happen for his clients and readers. His passion shows through in everything he does and no one feels it more than his readers. Read every page of this book and you will learn how to become an ‘Affluent Entrepreneur.’ Do yourself a favor and read Patrick's books, get his coaching, and apply his message to your life so you can soar.”

—Denny Andrews, Author of Confessions of a Mortgage Insider www.DennyAndrewsConsulting.com

“If you have ever met Patrick in person or heard him speak, you would know that he is an entrepreneur dedicated to helping you succeed while being both passionate and inspiring. The fact that this comes through in his writing is amazing! I highly recommend you read both Creating Your Own Destiny and The Affluent Entrepreneur if you want to live your best life now.”

—Jeffery Bow, Author of Stop Thinking, Start Believing www.JeffBowCoaching.com

“Patrick Snow has done it again by producing yet another great life and business tool with his new book, The Affluent Entrepreneur. Patrick offers you a proven method of success that will help you achieve prosperity in every area of your life. Patrick's entrepreneurship blueprint has helped me soar to the top in my business, family, and personal life. This book will EMPOWER you to do the same and thrive beyond measure!”

—Malika L. Anderson, Author of The Real Woman's Guide To An Almost-Perfect Life www.MalikaAnderson.com

“Patrick Snow shows how to put your life and finances in your own control. This is not one of those get-rich-quick books with flawed financial strategies. Rather, this is an inspiring, yet practical, book about how to achieve emotional peace of mind and complete freedom through building your own business. Patrick Snow shows you how to break free of your doubts and insecurities to become an Affluent Entrepreneur!”

—Brett Clay, Author of Selling Change www.SellingChange.com

“The Affluent Entrepreneur will motivate you to master time-tested techniques to better your business and your life. Master teacher Patrick Snow will show you not only what to do but HOW to do it!”

—Kristopher L. Walton, MSW, Author of Navigating Your Mind www.NavigatingYourMind.com

“Patrick walks his talk! He's an entrepreneur par excellence. He knows what to do and how to do it. So, if you want to be successful, and be an Affluent Entrepreneur, this book is a ‘must’ read!”

—Susan Friedmann, CSP, Author of Riches in Niches www.RichesInNiches.com

“Patrick's first book, Creating Your Own Destiny, has stood the test of time. Now with The Affluent Entrepreneur, I have another influential tool to help guide me to even greater financial success. I have rarely met another person who has steered my life in the right direction as Patrick has.”

—Shannon S. Carlson, Author of Living Your Life in Balance www.LivingYourLifeInBalance.com

“If you are serious about living life on your own terms, then you must read and apply the principles in this powerful book to your business!”

—Dr. Taylor Clark, Author of Beating All Odds www.BeatingAllOdds.com

Copyright © 2011 by Patrick Snow. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, [phone], fax [phone], or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, [phone], fax [phone], or online at www.wiley.com/go/permissions.

Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.

For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at [phone], outside the United States at [phone] or fax [phone].

Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. For more information about Wiley products, visit our web site at www.wiley.com.

ISBN 978-0-470-60158-7 (cloth)

ISBN 978-0-470-92309-2 (ebk)

ISBN 978-0-470-92310-8 (ebk)

ISBN 978-0-470-92311-5 (ebk)

To my two sons, Samuel and Jacob.

You are the reason I work on my passions.

My two books are written for you both.

I hope that long after my time on earth has passed, you and your children will benefit from this message of entrepreneurship.

I love you both, and I am so proud to be your father!

To my mother and father, Jack and Lois Snow.

You are the best parents a child could have.

I became the person I am today because of your love and belief in me.

Thank you for encouraging me to make my own money as a kid (mowing yards, shoveling snow, and having a paper route).

I love you both and am eternally grateful for all your support!

To you, the reader.

It is my honor and privilege to assist you on your journey to becoming an Affluent Entrepreneur!

May you find peace and enjoy prosperity in life.

Acknowledgments

I would like to thank all of you who have made an impact on my life. There are too many to list here so I will just name a few. I will forever be grateful for your support and belief in my vision.

Denny Andrews, David Angelo, Soumangue Basse, Dave Beauchamp, Randy Broad, Les Brown, Bryan Caplovitz, Bettina Carey, Taylor Clark, Mark Colyer, Ian Cordell, Matt DiMaio, James Donaldson, Brent Duskin, Bob Erdmann, Lauren Freestone, Susan Friedmann, Rick Frommer, Tom Glazier, Thom Hamilton, Cedric Harris, Burke Hedges, Michael Helgeson, Ray Higdon, Matthew Holt, Howard Howell, Nancy Jacques, Dan Janal, Jerry Jenkins, Nancy Juetten, Paul Kadillak, Christopher Kent, Jake Kevorkian, Peter Knox, Eric Lofholm, Jeannine Mallory, Og Mandino, Jennifer Manlowe, Bill McCarrick, John McLelland, Albert Mensah, Mike Mezack, Christopher Paraldi, Kate Phillips, Tim Polk, Dan Poynter, Shiloh Schroeder, Elana Schulman, Tyler Tichelaar, Brian Tracy, Shannon Vargo, Rob Van Pelt, Tony Wall, Mary West, David Wood, and Zig Ziglar.

Introduction

Building Income Security

The best time to plant a tree is 20 years ago; the second-best time is today.

—Chinese Proverb

Whether you realize it or not, you only have three financial options to consider throughout your life when it comes to determining your income-earning ability. The option you choose will ultimately determine your destiny. Your choice will not only decide your financial and emotional peace of mind, but it also will determine whether or not you will achieve what the subtitle of this book promises: Prosperity.

Option One is to become an employee and create wealth for someone else. Option Two is to become an unsuccessful business owner and struggle financially. Option Three is to become an Affluent Entrepreneur and soar in life. With these options in mind, this book was written to help you successfully select Option Three so that you can indeed create your own destiny and experience prosperity in all areas of your life.

Before we begin, it is important that I ask you some questions to help you make the right selection. Do you have anxiety when it comes to your finances? Are you tired of having someone else looking over your shoulder telling you how and when you need to work? Are you tired of working overtime and having to beg for vacation time or to request time off to be there for a family member? Is your boss an idiot? Are you worried about layoffs? Do you feel trapped at your job? Are you tired of running a business and always wondering why you never have enough paying customers to meet your basic operating expenses, let alone turn a profit? Have you come to the same conclusion I have that it is virtually impossible to achieve wealth as an employee? If you answered “Yes” to any or all of these questions, then the financial answers you seek can be found in reading this book.

Let's face it—sooner or later, we all realize that having a good secure job is NOT the answer. In today's environment, such a job has become extinct just like the dinosaurs. Because job security no longer exists, our challenge is to create income security, and that is exactly what the Affluent Entrepreneur is a master at—creating multiple streams of income, without additional effort, that will pay him or her residually for life, thereby allowing the Affluent Entrepreneur to make a life instead of settling for less and making a living.

In recent times, the world has changed, especially beginning in 2007 with the real estate and mortgage meltdown. As a result, workers are now faced with new, never before experienced challenges. It must top the list (so far) of the anxiety-provoking, ulcer-producing questions of the twenty-first century: What can I do to survive this grueling economy and stave off financial devastation? You might be surprised at the number of people who fret over this question every day. You are not alone! Yet, so few search for the answer—and it's out there! In my first book, Creating Your Own Destiny, I showed how you can predetermine your future by becoming an independent business owner and leveraging the free-enterprise system. In The Affluent Entrepreneur, my goal is to help you (and other soon-to-be or existing business owners) to win in the game of free enterprise and thrive financially during both times of economic uncertainty and abundance.

The economy and investment strategies, as we once knew them to be, will never be the same. Financial tactics and practices once viewed as uncommon or desperate moves have now become part of the norm. These include foreclosures, loan modifications, government bailouts, downsizing, layoffs, and personal or business bankruptcies. Businesses that had been a part of the financial fabric of our society for generations, such as Lehman Brothers, Merrill Lynch, and Washington Mutual, have either been purchased by other financial powerhouses, or they've been wiped off the map and are now gone forever.

This unpredictable financial environment can—and will—devastate your finances if you rely on yesterday's outdated methods to provide for your family today. If you have a job, then your financial security depends on your employer's success—something you often cannot control. On the other hand, if you own a business, then you can depend on yourself, your creativity, and your willingness to work hard—things you can control—to determine how prosperous and successful you want to be. I'm convinced, now more than ever, that the best way to create your own destiny and achieve financial security is through owning and operating your own business!

As more people are laid off and now must cope with the reality of being unable to provide for their families, many have discovered there's a better way. They're becoming business owners, and you can do the same. And best of all—it's work they love. They're creating their own destinies, and they're on the way to realizing the American Dream (regardless of what country they live in). Many of these new business owners are challenged because they've received little or no training in how to succeed in business. Also, many long-time business owners continue to struggle and need guidance to take their businesses to the next level and beyond. The 20 principles in The Affluent Entrepreneur will provide you with a blueprint to help you take charge of your financial future whether or not you are a business owner yet. You will learn how to thrive during a time when your employee counterparts exist in a world of panic, frustration, and anxiety, just hoping to keep their jobs. This book will show you how to learn to fish for yourself rather than being handed a fish on payday.

As we get started, let me define a few terms that will help you better understand this book's title. My definition of Affluent Entrepreneurs (AEs) are risk takers who have achieved financial and emotional peace of mind and now enjoy complete freedom in all areas of life as a direct result of success in building their own business. The Affluent Entrepreneur works out of choice—not out of need. The Affluent Entrepreneur has a sizeable amount of money set aside for emergencies. Affluent Entrepreneurs love what they do. Affluent Entrepreneurs pay cash for virtually everything and never use other people's money (OPM) except for business strategy purposes. Affluent Entrepreneurs are dedicated to giving both time and money to help others in need. Most important, an Affluent Entrepreneur keeps family as a top priority. My number one primary goal in writing this book is to show you and your loved ones, how you too can become an Affluent Entrepreneur!

Now that you know the definition for the title of this book, let's define a few other key words in the title and subtitle. Webster's Dictionary defines an “entrepreneur” as one who starts a business or another venture that promises economic gain but also entails risks. Another definition is a risk-taker who has the skills and initiative to establish a business. No need to worry here; if you don't feel you currently have these skills, the principles in this book are designed to provide you with the knowledge and confidence needed to become a successful business owner.

The word “affluent” is an adjective defined as having an abundance of wealth, property, or other material goods; prosperous; rich. Abounding in anything, abundant, flowing freely, an affluent fountain. Finally “prosperity” is a noun defined as a successful, flourishing, or thriving condition especially in financial respects; good fortune. Combine these three words together (affluent + entrepreneur + prosperity), and you have a very powerful formula and career compass to guide you in solving many of the career and financial challenges you may currently be facing.

Many extreme liberals, other politicians, and biblical theologians have argued or suggested that pursuing wealth is in some way bad or immoral. Some have argued that the word “affluent” is actually a bad word that assumes rich people have in some way achieved their wealth unethically or immorally. Some of these folks believe that all who have achieved prosperity are in some way bad or will be judged by our Creator in a negative way. For those who make this argument, I encourage them to read John 10:10. This Bible verse is considered by many to be the dividing line between what Christians believe about affluence:

The thief comes only in order to steal and kill and destroy. I came that they may have and enjoy life, and have it in abundance (to the full, till it overflows).

Nowhere in this book am I promising that you will become a millionaire or billionaire. However, my guarantee to you is that if you apply the principles laid out in this book, you will experience explosive growth in your business and become an Affluent Entrepreneur as a result.

I've included profiles of Affluent Entrepreneurs in hopes that not only will you learn 20 proven principles to achieving prosperity, but you will also learn 20 character traits of Affluent Entrepreneurs. Count how many of these traits match your personality. At the end of the book, I'll provide a little quiz on those character traits so that you can assess your likelihood of becoming an Affluent Entrepreneur. I'll also provide you with the Affluent Entrepreneur Creed so you'll have a constant reminder of the principles by which you should live and do business.

Finally, please note that the Affluent Entrepreneurs whose stories I tell are held up only as examples of how to succeed in business. While many of them were not perfect in their family or personal lives, each one selected has possessed a majority of the Affluent Entrepreneur traits. I am aware that some of these Affluent Entrepreneurs are far from being saints, and I am not asking you to aspire to being like them. I am simply suggesting that if you emulate their business strategies, you have a better chance of becoming successful. In fact, you can also learn from their relationship and family mistakes so you can avoid making the same errors in judgment. While being an Affluent Entrepreneur is highly important to me, my faith and family come first, and I encourage you to follow that same principle. I'll talk more about such priorities throughout the book. Ultimately, I hope the stories of these Affluent Entrepreneurs, and my own stories, will inspire you to believe just how possible it is for you to become an Affluent Entrepreneur yourself.

Over the years, numerous people have written books about financial freedom, free enterprise, and wealth creation. The market is flooded with fantastic books proclaiming various investment strategies and real estate models as a way to achieve great wealth. I'm going to go out on a limb here and say that some of these concepts are now slightly flawed because they are out of date with today's economic market. The financial rules followed in pre-2007, which produced huge profits for investors, may no longer be the sure bet they once were. Often, it is difficult to know whether you are investing during a rising curve or falling curve. When the housing bubble burst in mid-2007, we learned that putting money in real estate and investing the old-school way weren't the safe bets they once were. These two strategies no longer guarantee financial security.

Because of these changes in the financial marketplace, you'll find that The Affluent Entrepreneur isn't the same as traditional books in the personal growth and self-help genre. Rather, it is a business book designed to provide real-life business solutions to your financial challenges. This book isn't about investing in the stock market, real estate, or building a large retirement income. Many other fantastic books in the marketplace can provide these investment strategies for you. Rather, this book is about soul searching to identify your innermost marketable passion and then turning that passion into a business you can own and operate—regardless of your background, education, or level of experience. Most important, The Affluent Entrepreneur is a book that will help you achieve huge success in your business. The book is about identifying problems in the marketplace, then creating a business model to solve those problems, and being paid handsomely as a result of your ingenuity!

Some of you may think this process sounds too good, or too easy, to be true. Well, as an entrepreneur myself, I empathize with you, I feel your pain, and I understand your doubt and fears. Perhaps after a layoff, you are not excited about starting from scratch pursuing a new business model. Perhaps you are worried about a reduction in your high credit score or even taking money from savings to invest in your business. You have every right to be worried about your financial future. I too was hit hard by layoffs twice during my career in high-tech sales as a result of the 9/11 tragedies and industry changes and again in 2002. While I've never had to file bankruptcy, I came very close to financial ruin back in 2004.

Faced with the reality of trying to make it in the post-9/11 economy, I had to sell our family home to steer away from bankruptcy and avoid foreclosure. I used the equity from the sale of our home to pay off all our debts and to continue to invest in my speaking, publishing, and coaching business. It hasn't been easy, but because I followed my dreams and I believe in my destiny, I am confident I can help you also to succeed on the path to becoming an Affluent Entrepreneur. It is not going to be easy—there will be calculated risks involved—but it is the best investment you can make. No other investment in the market today can offer you the same return on investment (ROI) as you will experience as a result of investing in yourself. This book is your solution, your resource, and your financial blueprint to use in your quest to become an Affluent Entrepreneur. The principles here will help you to take that leap of faith and to reap the financial rewards that result from your actions.

At age 36, I made a decision that never again would I risk my family's financial future on the success or failure of my employer. I knew I needed to break my dependency of working for “the man.” The sooner I could do so, the better off our family would be. Up to that point I had been a part-time entrepreneur throughout my adult life, but it took me until I was 36 years old before I could walk away from my job on my own terms and dive in as a full-time entrepreneur. In this book, I will guide you through this same process and help you to decide when is the right time to leave the comforts of your day job and jump into your business full-time. As a result of taking this plunge during the post 9/11 economy, I almost lost everything. You too will make it through your future transition. This book will show you how.

Because of the lessons learned in 2001, and the actions I took pursuing the lifestyle of an Affluent Entrepreneur, the 2007 economic meltdown barely fazed our family. It was nothing more than a small speed bump in the road on our journey toward our destiny. Therefore, I want to help set you and your family up to become bulletproof and to thrive and build more wealth in any economic climate now or in the future. Following the principles in this book will allow you to soar in any financial market and become an Affluent Entrepreneur.

As someone in my early forties, I understand the challenges faced by many of you who are part of Generation X and Generation Y. Having given over 1,500 speaking engagements and listened to the members of my audiences, I also understand the challenges faced by the baby boomers. As a Gen Xer myself, I'm in tune with both groups, and I feel I can offer you 20 proven principles that will shorten your learning curve. Regardless of your age or entrepreneurial experience, this book will give you the knowledge, tools, and strategies for achieving prosperity as an entrepreneur. I also know what it takes to look risk square in the face and take that leap of faith to start your own businesses.

I wrote this book for you as an Entrepreneurial Blueprint to follow so that you can build a successful business—despite any adversities or circumstances you may be facing. This book is for people like you who aren't satisfied with their careers, aren't happy at work, and aren't willing to settle for less! If you are looking for a way to become a successful business owner, then I believe you are in the right place with the right resources in hand. I challenge you to read every page of this book and to apply all 20 principles to your business to maximize your profit potential.

This book is an easy-to-follow handbook for business owners. Its subtitle, “20 Proven Principles for Achieving Prosperity,” reflects principles that are guaranteed to help you and other new business owners achieve success faster than you ever could have imagined. They are principles you don't pick up in college or business school. You see, I developed these principles the old-fashioned way, through trial and error—that's why I know they work. I pounded the pavement for almost 15 years in corporate sales, and then I applied what I learned in my sales career to my business. As a result, I built a very successful business in less than 10 years. Sure, I made many mistakes along the way—but I learned from every one of them, and I am going to encourage you to avoid the same mistakes I made so that you can reduce your success timetable.

In all, I have spent well over 20 years learning and developing these principles and applying them to my business, so I know these principles work. I've read more than 1,500 books about personal growth and development. I've studied the successes and failures of many successful, and not-so-successful, entrepreneurs throughout the world. I've also watched as family and friends have both succeeded and failed in business, and I have digested valuable lessons on both ends of the spectrum. This book contains real-life stories telling how the successful entrepreneurs succeeded and why the folks who didn't make it as business owners failed (both right and wrong, all for your benefit).

I challenge you to build income security for you and your family so you will never have to worry about finances again. This goal may seem easier said than done. However, I can assure you that when you apply the principles in this book to your life, you will achieve income security for your family. As a result, you will become a better person, a better spouse, a better parent to your children, and a better child to your parents. In other words, you will be able to clear your mind of financial headaches and focus on providing for the loved ones in your life not just with your money but, more important, with your time.

My goal is to help you achieve as much success as possible in the shortest amount of time possible. I will share my heart and soul with you as well as my own mistakes to help you reduce your learning curve. When you apply the principles in this book to your life and your business, you will ultimately become an Affluent Entrepreneur! I want to help you by becoming your accountability partner and your mastermind member. If I can do it, so can you.

Are you ready to begin? Do you have an open mind? Are you ready forever to leave your financial worries behind? If so, are you ready to embark on an exciting career transition that will change your life, your family, and your business forever?

Good. Then let's begin right now!

Principle 1

Creating Your Own Unique Product or Service

It takes as much energy to wish as it does to plan.

—Eleanor Roosevelt

In this chapter, you will learn how to identify your most marketable passions, and then turn these passions into profit to lay the foundation for becoming an Affluent Entrepreneur. You will learn how to create a unique selling proposition and how to create, develop, or acquire a product or service unlike anyone else's. You will learn how to keep your overhead low. You will learn not only how to create a business plan, but also how to implement it completely within a realistic timeframe. You will learn how to identify problems in the marketplace and how to create solutions for those problems. Finally, you will learn how Frederick Weyerhaeuser created a very unique product, and ultimately, became one of the grandest real estate investors of our time.

Identify Problems or Opportunities in the Marketplace

After you've decided to become a business owner, it's important to identify your most marketable passions. Remember, you must do work that you love, so we'll go through a process of self-discovery where you'll determine your strengths and what you love to do. After answering a series of questions, I'll lead you through some steps to examine your level of success as an entrepreneur and to help you determine whether your product or service will be successful. Once you've settled on your product or service, I'll show you how to do the required market research. Then you'll learn how to write a business plan and find seed money to launch your new business.

Opportunities are all around if we open our eyes and look for them. The reason why most businesses fail is simply because they don't ask themselves the question: Does the need for my product or service actually exist in the marketplace? This may be the most important question a new entrepreneur can ask himself. Before throwing time and money at a business venture, the new entrepreneur must ask whether the marketplace has a true problem and whether his proposed product or service can actually solve that problem. Below are examples of Affluent Entrepreneurs who have created products or services that identified problems and then built companies to solve those problems for their customers.

My first example comes from my own region of the country in the Northwest. My family and I have lived in the Seattle area since I graduated from the University of Montana in 1991. In 1997, we moved to Bainbridge Island (located 8 miles west of Seattle across the Puget Sound, which is a 35-minute ferry ride to the city). Bainbridge Island has truly been a great place to raise our family, but there is one challenge with living there—it is very difficult to get from Bainbridge to Sea-Tac Airport for early morning flights.

Years and years ago, one of your options was to drive around the back way across two bridges to get to the airport (which is a 90-minute drive) and be stuck paying high airport parking fees. Another option was to drive your car on and off the ferry in both directions, which took less time, but you had to pay car tolls on the ferry, and you would still be stuck paying airport parking. The third option was to hope and pray that a cab was available. If there was one, you then had to hope and pray that you were not attacked by one of the cab drivers, since they would aggressively coerce you to get into their cabs if they saw you walking down the ramp with a roller bag. Finally the last option was to walk six blocks up from the ferry to catch a bus or light rail train, the problem being that these modes of transportation were six blocks straight up a hill, so not a real option when you're carrying luggage.

Several years ago, Paul (he provides such great service that everyone on Bainbridge just knows him as “Paul” although his full name is Harpal S. Baul) recognized that in Seattle, a metropolitan population of around 3.8 million people, he could start a town car/limo service that virtually and exclusively served the 20,000 people living on Bainbridge Island to help us eliminate the stresses of getting from the ferry terminal to the airport, and upon our return arrivals, serve our needs by getting us from the airport to the ferry terminal.

Paul now has 12 cars and the nicest drivers I have ever met. In fact, Paul loves his job so much that he too continues to drive and serve his customers. We residents of Bainbridge call him 24/7/365, and he always has a limo/town car waiting for us at the curb taking us to and from the airport. If you can believe it, he provides this service for a flat fee that is the same price as a cab, or sometimes a little less since cab meters continue to run when there is a lot of traffic.

One time when I was traveling, I had scheduled two speeches in one week, one speech in San Diego and the other in Minneapolis. Since I always try to limit my nights away from home, I decided to come home that Tuesday night to be with my family before flying out yet a second time in the same week on Wednesday morning. And so I was going to use Paul's service on four one-ways that week. Upon arriving at the airport on the first leg, I asked Paul whether he could just process my Visa card for four trips that week and let his other drivers know that I was paid in full all week.

I will never forget how Paul responded. He said, repeating himself, “Patrick, you are the customer; of course, whatever you want, I can do for you. Whatever you need, I can make happen!” I dropped my jaw. His comments reaffirmed how special a person he was and that he was indeed an Affluent Entrepreneur ready to solve his customer's problems. He and his team continue to amaze me. He always goes the extra mile to do whatever the customer needs.

A year earlier, I had sat on the Bainbridge Island Lacrosse Board for our high school team. At that time, cutbacks had hit the school district, and we learned at the last minute that our JV lacrosse team (which plays its away games at 5 PM) would not be able to get school district bus service for our away games. Additionally, the other challenge was that many of the parents work during the day and can't get off work at 3 PM to drive their kids to the games. So after contemplating this quandary, we called some private busing companies in Seattle to get a price quote. Then we called Paul. You guessed it; he was more affordable and dependable than a private bus company. Roughly 20 to 25 JV lacrosse players got off the ferry in Seattle and jumped into three of Paul's stretch limos to and from the games on several occasions that season. The kids loved every bit of it, and it was no wonder that some of the other teams disliked Bainbridge lacrosse—not only are they envious of the team's state championships, but on several occasions, the team members have traveled in style to and from their games in stretch limos.

I share with you these stories because Paul and his company, Imperial Limousine, is a perfect example of an Affluent Entrepreneur scoping the marketplace in Seattle to search for a problem and then creating a venture to provide a solution. As a result, you can ask any adult living on Bainbridge Island how he gets to and from the airport and everyone will simply answer, “Paul, of course!”

I challenge you to do the same. Look for a problem in the marketplace, whether it is in your backyard or in the global community; then create a business with a product or service to provide the solution. When you carry out this simple process of due diligence, you successfully take the first step in eliminating your dependence on your day job and make progress toward becoming an Affluent Entrepreneur.

Do What You Are Good at and Enjoy