Millionaires...Could they do it twice?

[unicon]

I have always maintained that the first question in business is about "Capacity." Capacity can be limited by many things including your own state of mind at different timing, you may be handicapped or have health issues that pop up. You might have a net worth greater than the United States or you may be running out of capacity because of debt, etc.

There is an old saying that you are really not a millionaire until you have lost it and made it back. There is alot of truth to this. More so from the skill set achieved.

The cutoff in evaluating your peers is really the 5 million figure as this is the point where there is a severe drop off and a less level of luck is involved. It has always been a sizing up point in business relationships. At 10 million the drop off is huge.

It is also a transparent point for the hustler who talks about big money and does not understand the limits and boundaries of the numbers.

This is similiar to admireing authors as there are people who know, and people who do not know!

I have read alot of Trump and I get very little out of his writings relative to an RK, or a Peter Schiff, M Scott Peck, etc.

Branson is the ultimate risk taker, and is a study of risk, he is a most driven man on the sales side.

However there used to be many behind the scenes heavy hitters in the old days behind the old manufacturing base.

Experience allows you grow, but that growth is always a balance between quality and volume. Older follow the path out of volume to quality.

The translation to net worth will probably be earned at the 5 million level of a general mastery. After that point as Trump and RK mention they spend full time raising money (probably for more deals).

 

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[theBiz]

great posts everyone. I read an article yesterday and the interviewer asked Richard if you could go back to 24 years old what would you do now?

He said most definitely internet. He said i would try to find the gap in the mobile app space. The things he did when he started were smart at his era, not now. He does what works at that point and time, which he claims now is internet businesses and the opportunities it presents. I hear many entrepreneurs complain the internet has killed them, their industry is dying, etc, but Richard is so flexible he gets into all the emerging industries, its amazing.

 

[Russ H]

Based on that timeline, do you really think that Branson would have just stopped and gave up if Virgin Records failed in 1980? Or do you think he would have started Virgin something else??

Thanks, Bio-- this is exactly why my reaction was "Huh?!?"

It's the equivalent of looking at Henry Ford's accomplishments, and saying, "Well, if he wouldn't have invented the assembly line, there probably would be no "Ford" today."

Truly successful people work on their success- and have lots of failures.

When they have a success-- they build on it. Branson and Ford (and Gates, and Buffet) are all examples of this.

-Russ H.

 

[Gaulkin]

It's the equivalent of looking at Henry Ford's accomplishments, and saying, "Well, if he wouldn't have invented the assembly line, there probably would be no "Ford" today."

-Russ H.

A tad out of context but ok.

 

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[exon]

Wrong. He sold cut outs, and called his business "Virgin" b/c they weren't played-- they were NEW.

Do a little research instead of just repeating incorrect information.

That's called due diligence, and if you don't bother to do it around here, you will get your *ss kicked.

2 minutes of searching:

Branson Richard (please read)

-Russ H.

Russ, thanks for the warning and accept my apology, as well as others.

This happens when English is not your first language. I thought that pirates and illegal records are the same thing. :smx4:

Correct information would be - At 21 years old, Richard was arrested and charged by the Trade Commission and the Export organization. The discount records his was selling were export goods. Those records were made and stamped ready to be shipped out of the country and illegal to be sold inside the U.K.

I study him for a few years, not just two minutes and I have read his books like "Losing My Virginity", "The Adventure of Business", "Let's Not Screw It, Let's Just Do It"...

I found this "incorrect information" in Felix Dennis's book... this is short qoute from book:
"...He started off importing "grey" record albums from USA - they were the illegal downloads of their time, except they weren't free..."

 

[theBiz]

by the way, when you are on the first page of the thread in the google ads, there is some picture of Richard promoting a book, the internet just makes it too easy don't they.