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John D. Rockefeller story

andyhaus44

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Hi Fastlaners,

I cannot confirm or deny that this story is true, but it has a great message to it.

A business man was deep in debt and could see no way out. Creditors were chasing him and suppliers were demanding payment. He sat in a park thinking if anything could save his company from bankruptcy. Suddenly, an old man appeared before him. “I can see that something is troubling you”, he said. After listening to the business man’s difficulties, the old man said, “I believe, I can help you”. He asked the man his name, wrote out a check, and gave it into his hand saying, “Take this money. Meet me here exactly one year from today, and you can pay me back at that time”.

Then he turned and disappeared. The business man saw in his hand a check for $500,000, signed by John D.Rockefeller, one of the richest men in the world. “Now my money worries are over in an instant!" he thought and started smiling.

Nevertheless, the business man decided to put the check in his safe (in reserve) first. He thought, just knowing it was there, would give him the strength to work out a way to save his business

With renewed optimism, he negotiated better contracts and got extended terms of payment from his suppliers and started doing big deals. Within a few months, he was out of debt and had started making money once again.

Exactly a year later, the businessman returned to the park with the uncashed Rockefeller’s check. The old man did not appear and the business man decided to wait. Sometime later, the business man saw the old man and thought to hand over him the check with a few words of thanks.

After a little while, the businessman saw a nurse came running up to catch the old man. “I’m so glad, I caught him”, she cried. “I hope he hasn’t been bothering you. He has escaped from the insane asylum many times and he tells everybody that he is John D. Rockefeller” and she took the old man with her. The astonished business man just stood there, shocked! Throughout the year, he had been confidently buying and selling huge stocks and having big deals, convinced he had half a million dollars with him.

Suddenly, the businessman realized that it was not Rockefeller’s money, real or imagined, that had turned his life around. It was his new found self-confidence that gave him the power to achieve anything he wanted and it came from his own efforts: commitment, dedication and hard work.
 

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struka

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Funny how that works, getting that extra boost of courage and believing in yourself knowing that you have a safety net to fall on if things don't work out. I believe that is my biggest problem with myself since I have a family to support. In the back of my head thoughts come across and the what ifs. It is an internal challenge that I will have to overcome.
 

amp0193

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Real takeaway: Get a business line of credit.
Any strategies for getting one with a sub-2-year-old business?

Been striking out, however, I am approaching the 2-year mark in a few months.
 

AgainstAllOdds

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Any strategies for getting one with a sub-2-year-old business?

Been striking out, however, I am approaching the 2-year mark in a few months.
Most banks want three years and strong financials. Age the business a bit more and re-approach.

Edit:

Bank Loans - Find Banks that Provide the Loans You Need - BestCashCow

Start by building up history with local banks that are more likely to loan you the money. Identify banks that are focused around small business, or whatever you're in and build your history there.
 

amp0193

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Most banks want three years and strong financials. Age the business a bit more and re-approach.
Yup, that's where I'm at. Many banks entertained my requests for a line of credit, only to have it morph into a conventional loan somewhere along the way, with even that getting stalled up in underwriting.

So for now, Paypal Credit/Kabbage/Shopify Capital is what I'm using to get through a short-term cash crunch.
 

Flybye

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Yup, that's where I'm at. Many banks entertained my requests for a line of credit, only to have it morph into a conventional loan somewhere along the way, with even that getting stalled up in underwriting.

So for now, Paypal Credit/Kabbage/Shopify Capital is what I'm using to get through a short-term cash crunch.
This exactly what happened to me, but I was approved for a healthy 5 digit credit card. Helpful, yes, but I really need liquid as most of my purchases are from auctions.

As far as the OP's thread goes, I Agree. It sometimes takes a certain type of KICK to get you into overdrive. This kick came in the form of "OMG if he trusts me in giving me $500,000 I cant let him down!" For some it takes far more severe kicks to get things moving like those eternally afraid to even GET moving such as those stuck in the perpetual book reading/seminar attending business loops. Just that one hard kick gets them unstuck out of the loop.
 

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amp0193

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It sometimes takes a certain type of KICK to get you into overdrive.
I'm trying to unlock the overdrive in my business right now.

It's not just me anymore, now I've got 3 full-time employees. So for the business to really be going, all 4 of us need to be in sync. Hasn't quite happened yet.

What I'm trying, is working through the book called Traction. It's very difficult to make progress through the book as it makes you face tough questions. I go one more page, and then have to think about it for a few days, only to have to back track a week later.

Things like clarifying "core values", "core focus", "10-year goal". These things that can be very difficult to nail down, but once in place, should act as a guiding light for all of the little decisions and choices that happen day to day.

It should give me a framework to build around the business and the expectations, something that I can hold employees to, and get them to buy into and be excited about.
 

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