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Seeds For Thought
Preparing Yourself For SuccessSean, owner of Atomic Comics"What have I done? There is no one to call. I am the boss." Jennifer, owner of Sewing Crafts
Jennifer sets an example for her employees by arriving at work, fresh, energetic and early. Her Sewing Crafts shop opens at 9:00AM but Jennifer's been up since 6:00AM. She takes care of her personal needs, calls the shop's answering machine for messages, reads a newspaper, enjoys a cup of coffee, a bagel, banana and juice. She checks her e-mail and reads her daily Catholic Action Principle. She is out the door by 7:00AM. She arrives at her gym by 7:20AM and works out for forty minutes. She showers, changes and is at her shop by 8:40AM.As an entrepreneur, you must make a personal commitment to physical fitness. There are no sick days. You are the business. You have to be there. And, you certainly can't afford to growl at your customers because you had decided to stay out too late. You can't afford to offend one customer. That means service delivered with a sincere smile. Every day to every customer, you must be able to smile and say, "Yes, may I help you?" And, you have to mean it. Being a person of action, you can't think of living as a slacker. The concept of being a lazy person is alien to you. Work isn't something to be avoided. Work is to be embraced. Work is your ticket to financial freedom. Entrepreneurship is a thinking person's art. You don't need to be a workaholic spending sixty or more hours each week at the store or office. You need to stop and think and reflect and pray. What are the most productive aspects of my job? How can I become more productive? Remember the 80/20 concept which states that 80% of your productivity probably comes from 20% of your work. Think about what you're doing. Refine and adjust. It is only the people in that elite one percent of achievers who are doing this self-evaluation. Again and again and again remind yourself that most people are simply living the same work days over and over again. Yes, you will be different. And, in that difference will come uncommon extraordinary success. You are a smart person. You know that you need to lead a balanced life. You know that you need 7-8 hours of sleep each night to perform at your best. This is not an option. Be smart. Work hard but get your sleep. This is important. As a person going somewhere, you must work at avoiding those people going nowhere. These are the slackers. They're out night after night and dancing, drinking, laughing, cursing and having a great old time. See it. Admit it. They're having a great time now. But, now is a very fleeting moment. As time passes, the partying will take its toll and eventually they will be left with very little and they will face a day of judgment. Unfortunately, there are losers in life. Be aware and learn from their bad examples. At age 31, Joshua's remarkable ability to drink beer up his nose with a straw isn't that exciting anymore. At age 31, Anne's getting her fifteenth tattoo and her nose pierced, again, draws a lot more negative attention than admiration. This is called growing up! 
And, don't kid yourself. If your life revolves around waiting for Friday night, something is wrong. If you're age thirty-six and people age fifteen are giving you compliments on how you dress, something is wrong. If your idea of exercise is channel surfing, something is wrong. If you drive in cars with people who drink and speed and think that road rage is funny, something is wrong. If you are engaging in casual sex, something is wrong. If you aren't fulfilling your Catholic obligations, something is wrong. And, don't kid yourself. As a Catholic, you're lucky; you've been brought up with values. You know how to act. You should find time to exercise three or four days a week with at least twenty minutes per session devoted to aerobic activity. Belonging to a health club is nice. Having exercise equipment at home is nice. But, no excuses. You don't need any special place or any special equipment. You only need the will. As they say, go with what you've got and "Just Do It." You should choose a life sport and participate. You want a sport that will challenge you well into your active senior years. For example, you can golf, jog, swim and play tennis in your seventies and eighties. Playing football or basketball in your golden years may not be as possible. You should eat a balanced diet. If you don't know what a balanced diet is, get yourself a book from the library. Or, surf the Internet. As always, common sense prevails. You should eat lots of fruits and vegetables and chicken and turkey and less refined sugar and red meat. Why kid yourself? You know this. If you are overweight, you don't need sophisticated formulas or regimes. You need to eat less and exercise more and cut down on the fat in your diet. You know this. Being stupid can kill you. Excessive smoking and drugs and drinking and casual sex are dangerous activities. Hanging out with irresponsible people who don't care about their own safety can also get you killed. Hanging out with people whose idea of the future is two hours from now is not good. You are Catholic. You know this. Again and again and again, as you become more and more aware, you will come to the realization that Catholics know what to do. Catholics know about healthy living and good manners and the value of hard work and the long-term benefits of investing. Catholics know. Unfortunately, some people haven't have a proper upbringing and instead of doing right, they opt for the temporary pleasures of immediate gratification. 
Follow through on the ideas in this course. Fulfill your Catholic obligations. Have a good idea, keep studying, work hard, delay gratification, and the odds of being a successful entrepreneur are overwhelmingly in your favor. Now, all you have to do is to stay in good enough shape to enjoy the full benefits of your accomplishment. Romano's Homestyle Pizza, ContinuedAs a result of his grassroots research, Kevin's confidence builds. Kevin is organized and he knows what he wants to accomplish. He wants to learn the pizza business. Kevin's self-reliance has taken him a long way. He feels in control of his future, which is both motivating and invigorating. Through entrepreneurship, senses success. He will make money and he will use that money to create a wonderful life for himself and his family and his community and his church. Kevin's little prayers to Saint Joseph are paying off! 
Source Four - The Restaurant Business BrokerPizza, delis, subs, full service; we have the provenKevin meets Mr. Domasi who proves to be a no-nonsense businessman. Kevin notices that Mr. Domasi is wearing a gold crucifix medal. Kevin opens with a compliment, "Mr. Domasi, I like that medal you're wearing, nice jewelry." "Nice jewelry? This is more than nice jewelry, son. This is my Catholic faith. You're Italian and Catholic. I hope you go to church." "Yes, I do." Kevin and Mr. Domasi seem to like likes the fact that they have something important in common." Kevin explains to Mr. Domasi his research and his plans. Mr. Domasi's comments and advice are direct, "Kevin, it's my business to know most of the pizza restaurants in the metropolitan area. I can tell you that the take-out food business is growing. Kevin, what if we take the worst case and say that there's only room for eight pizza shops in Newton and your shop would be the ninth? Perhaps the weakest of the pizza shops will fold. But, that will certainly not be you and your shop. You'll have a bright new location. You'll have enthusiastic help. You will care about your customers. You will be working your tail off to be a success. The weakest shop will fall, not you." "But, Kevin, let me be frank. I talk with you for ten minutes and I can tell already that you're a businessman more than a pizza man. Start your restaurant and then I'll find a pizza man to buy it." In an instant, Mr. Domasi presents Kevin with a whole new world of profit to consider. "Why would I want to sell a restaurant which I haven't even started yet?" Kevin listens intently for the answer. "Kevin," Mr. Domasi lays the program on the line, "you start your restaurant and it will take $25,000 out of pocket for basics. Am I right? Don't answer. Of course I am. In six months to a year, if all goes right, you have the business doing $100K a year gross. You're working 72 hours a week and taking home $600 or $700. Now, I come along and say, "Kevin, I'll sell this business for one year's gross, $100,000. You pay me 10%. You have $90,000 less your $25,000 investment. You have $65,000 net. You pay your capital gains tax and you still have enough to open up another shop and you'll have a nice mortgage working for you to boot." Kevin, though, still wanted further explanation, "Well, I don't understand why someone would pay me $100,000 if they could open their own shop for $25,000." "The answer is obvious." Mr. Domasi brings up some important points to Kevin. "If you start a business, you're a risk taker. The risk in starting a business is that you will lose all your money and all your time. Many, many small businesses fail, usually because the owners didn't know what they were doing, had a bad business idea to begin with or because the businesses were started on a shoestring, undercapitalized. "Here's the difference. You're putting your $25,000 down on a dream. The buyer of your shop is putting his $100,000 down on a solid, proven, honest operating statement. You'll be in business - when? Let's say three or four months and that's if you're lucky. By contrast, the buyer of your shop will be in business the day you pass papers and finalize the sale." 
Kevin reviewed with Mr. Domasi, "So, Mr. Domasi, let me catch on to this. Then, I'd sell the second shop and have two mortgage checks coming in each month. And, if I open a third, I'll have three checks and after five stores, five checks or over $60,000 a year income - without working Kevin is starting to think big. Yes, some people own one restaurant and some people own a hundred and one restaurants. Why not me? In one afternoon, after meeting with one good salesman, the ideas for Kevin's entrepreneurial ventures have increased tremendously, "Mr. Domasi, you've given me a whole new slant on the pizza shop world. Thank you. But, do you say these same things to all your clients?" Mr. Domasi seems pleased also, "Kevin, if I thought for a minute that it would do any good, I would, but, usually, I just keep quiet. I used to try to get more owners to sell and reinvest but most people don't want to listen. They get emotionally involved in their shops. They know their neighborhood. They know their customers. They make a week's pay and are satisfied. They can't see beyond the front door. They don't want to see beyond the front door. In their shop, they're secure. Outside that door, who knows? They end up selling when they're ready to retire or they're sick or they have to move, something like that." Kevin is sincere, "I think we'll be doing business, Mr. Domasi." "I hope so, kid. You need anything, just call and make sure you keep going to Mass on Sunday. We need more strong, young Catholics living the faith." Kevin sends Mr. Domasi a Thank You letter and an expensive bottle of imported champagne. Go to Lesson Seven1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11Index
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