MAY 2001
Greetings & Salutations:
Believe it or don't, I just flunked another test for "entrepreneurial" traits!
From my test score, it appears I am probably better adapted to washing dishes than running a business. Then again, according to the governing laws of aerodynamics, Bumble Bees can't fly either.
Let me tell you a TRUE STORY about those tests. -- You've seen them. They usually have a headline like ...
Back in 1977, an old millionaire friend of mine ... in his late 70s ... sent me a 20-question test with a personal note asking me to answer the questions and return them to him. -- He said he was conducting an experiment and wanted honest answers ... no fudging allowed ... to all of the questions. So, I answered the questions and returned them to him.
A couple months later, the old millionaire sent me a letter detailing his experiment and reporting the results.
The "test" he had sent to me had been published in a big-name, prestigious business magazine, with a self-scoring answer-sheet at the end of the article. -- It was the "work" of a world-renowned psychologist.
After he had taken the "test" in the magazine, my old friend was disappointed to learn that he didn't have what it took to be an entrepreneur. -- As a matter of fact ... even though he had been a real entrepreneur all his life with millions of real dollars in the bank to prove it ... his "test" results indicated that he should have been a 40-hour-per-week wage-slave and put all his money in safe and secure bank deposit accounts.
Having failed the "test" ... miserably ... he decided to send a copy of the "test" to 35 real entrepreneurs he knew, just to see if he was some kind of psychological freak. -- Maybe he was just a Bumble Bee, flying with the F-14 fighters.
All 35 of the real entrepreneurs ... including me ... who received the "test" from him were self-made millionaires ... no inheritors or lottery winners. Their educational backgrounds ranged from elementary school dropouts to a few with doctorates ... ranging in age from their mid-20s to late-80s.
Guess what? -- According to the "test" ... not one of us had what it took to be an entrepreneur. We all failed the "test."
The old millionaire sent the fully-documented results of his experiment to the world-renowned psychologist who had created the "test." To which the learned psychologist responded, "The traits indicated in the test are necessary to becoming an entrepreneur but they are not required to be an entrepreneur."
In other words ...
If you pass the "test," you have what it takes to become an entrepreneur - but - you can't be one.
So ... why did I tell that story?
Well, I'll tell ya. -- After taking and flunking a number of those tests, I, myself, got to wondering ...
Since I couldn't find an answer in my own experience, I started asking each and every successful entrepreneur I met, "What motivated you to start and succeed in your own business?"
As you can imagine, the answers I received ranged from the ridiculous to the sublime ... from mystical hocus-pocus to ultra-logical reasoning ... from irrational psycho-babble to textbook business plans.
Then, a few years ago, a young millionaire ... in his early 30s ... solved the riddle for me. He looked me straight in the eyes and said ...
So ... all it takes to be an entrepreneur is a decision to be one. -- Once the decision is made, you will do it!
Now, let's do some ...
A member, who shall remain anonymous, asks:
"Why do you promote other people's products and services in your newsletter but you won't even mention my program?"
Hate to tell ya this, ol'buddy - but - the program you want me to mention is nothing more than a "hot-air sandwich." It offers absolutely nothing of real value to the buyer and is based upon a wide range of misconceptions, misunderstandings and outright lies. -- I won't waste my valuable time or space on it. -- Besides, I don't want any of my readers to fall into the same trap you have.
Jim Bullock, Fairlane Management Co.wrote:
"My technical career of 24 years came to a close this past summer. I would like now to position myself as a full-time Money Broker/Business Finance Professional.. I am willing to work to succeed, but would like to receive training from a professional source. My primary interest is in commercial loan brokering and the brokering of discounted cash flow instruments. -- I have searched for a reliable professional course on commercial loan brokering for several years. The funding companies that offer to send a 'manual' and forms for usually around $100 - $200.00 make a lot of spectacular claims. However, my experience has been that most of these operations cannot fund a loan that they describe as 'doable.' I believe their primary interest is in selling this general knowledge in so-called courses. I have also come across a $10,000 'boot camp' type crash course that offers to give a list of lenders to it's 'graduates.' -- Please send a description of any financial training programs that your organization may offer or any others that you may know of, at your earliest convenience."
Well, Jim ...
It really doesn't matter which "course" you purchase. They all teach the basics of becoming a Loan Broker - but - don't pay a high price to get into an "opportunity" whereby the promoter claims to help you place the loans. There is really no need for their help ... all you have to do is have good loan applications, from good borrowers, and take it to a financing company that makes the kind of loan your client is looking-for.
You will find a world of financing sources in each & every issue of my "WorldWide Business Exchange." -- You will find a FREE Preview Copy at:
We don't offer any financial training programs - but - you can learn a lot about loan brokering from the FREE report at:
Hope I have helped in some small way.
Erick Starren asked:
"About 'merchant accounts,' accepting credit cards, and 'charge-backs'. A newsletter printed a reader's experience with (at least one) savvy (& dishonest) customers buying goods from him, then 'disputing' the charge with the bank or card service. The reader reported that the banks & card services promptly take the 'disputed' amount back from the merchant, charging a 'charge-back' fee in the process. The merchant could not prove that the buyer actually did possess the goods, and so was stuck with both the loss and a charge-back on his record. -- The back/card service, he claimed, gets money out of him whether a charge goes through or is disputed. Thus, they have no motive to question or control illegitimate disputes and charge-backs. In his view, the small merchant is totally at the mercy of the banks/card services and dishonest customers. -- Your comments, please, Jim. Is this true? Is there more to the picture?"
Erick:
Don't worry about it. The instances of that happening are really, really rare. Last year, we only had 2 chargebacks like that. In both cases, I just let them go ... it would cost more to try to prove our case.
Just another insignificant "cost" of doing business.
Make a Fortune without selling anything ... without starting a business of your own ... without leaving your present job ... without trying to expand any business you currently operate ... in your spare time. -- Become a "Finder" and earn exceptional fees. -- Almost everyone who tries to earn Finder's Fees actually does - but - most of them never get paid. Learn how to get paid the Finder's Fees you earn.
Stan Smith wanted to know:
"I like your e-letter. The April issue is the first one I've seen. My question is whether you have the earlier issues archived and available for online viewing and if so where do I find them. If April is that good, I want to see what I've missed in the previous issues. By the way, I'm a new paid subscriber to the WW Business Exchange newsletter also."
Stan:
Thank You for your kind remarks.
All of the previous issues of the e-Letter are available on-line at:
Read them in good wealth.
Hilton Moore sent me a FREE sample of his work and said:
"I'm starting a new 'Corporate Logo Creation Service' that will entail a lot of great original logos that my company will be creating for any online business that wants a great looking logo (not the free ones that everybody seems to use). -- On my site, which is up and running now: http://www.corporatelogoimaging.com I have a special questionnaire that I allow people to fill out so that we can get a feel for what people want and what they want their logos to look like. -- I will be Charging $297 to create 3 different sizes, of the same corporate professional logo, of the same logo. The logo(s) will be devised, created, and distributed back to the customer within a 24 hour period! -- I have an affiliate program that will pay $100 to my partners."
Thank You, Hilton ...
The sample logo you sent was bee-you-tea-full. I couldn't use it but I feel sure that my readers who need a logo designed will get their money's worth from you.
Derek Sloan asked:
"I just subscribed to your newsletter. I would really like to order the report on "How To Get Filthy Rich Selling Real Estate You Don't Own!" -- but I want to ask you something. -- Could a person hold options on commercial properties as well as residential ones? Is this program feasible in all fifty states only and not overseas?"
Derek:
You can use options on ANY KIND of Real Estate (or any other tangible property) ... in my opinion, Commercial Real Estate is the more profitable than the Residential properties.
Options work everywhere in the U.S. & Canada - and - as far as I know they work the same in any country based on English law.
Well ... that's it for this month. -- In order to make every issue responsive to YOUR needs, please send me your questions; or tell me what sources or resources you need to build your business; or give me any thoughts you want to share with your fellow members.
Believe it or don't ... I ain't a mind-reader. -- If'n you doesn't tell me what you need, I may never touch upon the information, sources or resources you need.
This is your publication for you to use to your benefit ... I am just your moderator.
Until next month, keep well ...
J.F. (Jim) STRAW F-14 Bumble Bee
"The moment you commit and quit holding back, all sorts of unforeseen incidents, meetings and material assistance will rise up to help you. The simple act of commitment is a powerful magnet for help!" - Napoleon Hill
Over the past 40 years (man and boy), I have made bundles of money in direct selling, service contracting, wholesale merchandising, entertainment (I was a professional Trumpet player, vocalist & Radio Announcer), freight forwarding, import/export, retail merchandising, warehousing, real estate, electronics manufacturing, finder's fees, closeout merchandising, financial brokerage, business consulting, steel fabrication, gold and coal mining, offshore banking, mailorder, writing, and publishing. -- That being the case ...
No matter what business you're in ... whether you're just starting, well on your way, or at the top of the heap ... I've probably been where you are, done what you are doing. -- So ...
Anytime you have a question about 'how' to do something in your business - or - if you have any comments about anything I've said in issues of this e-Letter; or if you want to add your 2 cents worth ... just "ask" me or "tell" me.
If I, personally, don't have an answer to any question you may ask, I will contact some of the professionals in your field of endeavor (I will probably know one or more personally) to get the real 'skinny' for you.
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Copyright - 2001, J.F. (Jim) Straw. All rights reserved.