Summer 2006 Newsletter

I Must Be Rich... By Joshua Zeller Business Advisor UHV SBDC

Get rich overnight! Win the lottery! Invest in Gold! These are the messages we encounter on a daily basis that purport to hold the “secret” of how to become wealthy. This also leads some to ask, what truly is the “recipe” for success?

In his book The Millionaire Mind (Andrews, McKeel Publishing, 2001), Dr. Thomas J. Stanley surveyed 1300+ millionaires to determine what commonality these millionaires shared and that made them successful. Contrary to popular perception the millionaires surveyed are first generation wealthy and of the different groups surveyed, small business owners comprised the largest group.

This survey indicated that the respondent’s top five influences/success factors that made them wealthy are (in order):

1. Integrity—being honest with all people
2. Discipline—applying self control to ones life and habits
3. Social Skills - getting along with others
4. A Supportive Spouse
5. Hard Work

Does the list surprise you?

If you are like most people, it will. Things like luck, inheritance, and winning the lottery were dead last or did not even make the list in the opinion of these wealthy people. It is more of an introspective, values oriented, get out there and do it type of mentality that these people say made them wealthy.

This is especially true for small businesses owners. Hard work, discipline, integrity, and getting along with others, both inside and outside the business are very important determinants of success. Most successful small businesses in the community have good relationships with their customers and clients. This relationship is often forged over time and is an outcome of the way business owners and employees treat their customers.

So what’s my point? My point is that in order to be successful in your small business and also in life nothing will substitute for hard work and treating people with respect and courtesy, and exhibiting self discipline on a daily basis. If you are like I am about being selective on what advice to take and who is giving it, take it from people that most of us strive to emulate and who have already demonstrated success. If you do these things then certainly the odds are in your favor that you truly will have a recipe for success.

-Joshua


You can email Joshua at:

zellerj@uhv.edu