Follow the Yellow Brick Road to Entrepreneurial Success by Having Guides to Help You

Good morning, Billion Dollar Business Creators!

Are you feeling motivated this morning?
I certainly hope so. I know that I am!

The Billionaire Entrepreneurs' Master
Mind put out a press release this morning
that I thought you might find helpful.

Here it is:

Entrepreneur Lesson: Start Up Entrepreneurs Learn that Following the Rules for Success Makes a Difference

When God placed Adam into the Garden of Eden, God told Adam that he could freely eat the fruit of any tree in the garden except from the tree of knowledge about good and evil. God warned Adam that he would surely die if he ate from that tree. Adam later sampled that forbidden fruit, and we’ve been dealing with the consequences ever since. Today, entrepreneurs find themselves tempted to pursue poisonous opportunities. By pooling their thinking in a new organization, The Billionaire Entrepreneurs’ Master Mind, these savvy entrepreneurs hope to be sure that each avoids opportunities that can be dangerous to their health and that of their new ventures. Weston, MA (PRWEB) January 30, 2006 -- Entrepreneur start ups seeking rapid growth are pooling their knowledge and experience in The Billionaire Entrepreneurs' Master Mind, http://billiondollarbusiness.blogspot.com/, to avoid catastrophic errors. Ever since the Garden of Eden, most people have been overconfident about their ability to spot opportunities and dangers. Such overconfidence can be especially dangerous in a new venture where there is little track record to guide entrepreneurs. Studies of entrepreneurial failure repeatedly show that entrepreneurs often make the following mistakes: 1. Believe they have a superior offering when they don't. Do you remember the DeLorean automobile? 2. Pursue a market that's indifferent to their new offering. When will people be ready for the Segway? 3. Producing an offering that's more expensive when people want something less expensive. How well will new 40,000 square foot mansions sell if heating and air conditioning prices triple? 4. Stick with one method of providing benefits for too long. The Osborne 1 was the first portable computer, but you might have developed a hernia carrying it. Waiting too long to develop a lighter version put Osborne out of business. 5. Throwing money at the problem rather than brains. Thousands of internet start-ups spent a fortune on content and television advertising just before they went out of business. 6. Relying on inexperienced people to play key roles. Many key people heading Boston Chicken before it crashed and burned had no restaurant operating experience. 7. Assume they have all the bases covered when they don't know what they don't know. That's the story of every glossy magazine that folded after a few issues. How can start up entrepreneurs avoid these and other common pitfalls: Have lots of people check your thinking before you act. Although it's not as good as having God tell you what will work and what won't, it's as good as mere humans can hope to do. To enable such effective cooperation, alert entrepreneurs have formed The Billionaire Entrepreneurs' Master Mind, a group of entrepreneurs who pledge to build billion dollar businesses by focusing on the key tasks for start up success and helping one another to accomplish those tasks . . . while avoiding catastrophic mistakes. By combining their efforts and funds, each entrepreneur will receive the development support they need for a few thousand dollars rather than the hundreds of thousands that others spend. By checking their ideas with the group on a regular basis, entrepreneurs will also have the benefit of accessing dozens of outside experts who can help them. Many of these entrepreneurs will form alliances with one another to reduce development, marketing and operational costs further. The group prohibits competitors from joining in order to foster a free exchange of ideas and support. Members have used research on major entrepreneurial successes to select these 7 key tasks to work on in The Billionaire Entrepreneurs' Master Mind: ― Creating a major new market or expanding an old one by 20 times ― Reducing the costs of customers and beneficiaries to use the start up’s offerings to a small fraction of current levels ― Adding customers 20 times faster than competitors at low cost ― Improving the start up’s business model at least every four years ― Employing a business model that doesn’t require much external equity capital ― Building a management team deep in innovation, operations, finance and marketing ― Searching to find out what they didn’t know that they didn’t know. This new organization begins operating on February 1, 2006. Charter memberships are available before then. This focus reminds many entrepreneurs of God's advice to Adam in the Garden of Eden: Avoid making catastrophic mistakes and life will be good. Donald Mitchell noted: "Entrepreneurs often fail because they fall in love with their own ideas . . . and their own sense of importance. Someone needs to keep their feet on the ground and away from dangerous temptations. They are more likely to listen to a fellow entrepreneur than they are to someone in their own management team or a family member. With a little tough love to keep them out of mischief, entrepreneurs can accomplish more for themselves and those they serve. Without that tough love, and an entrepreneur can become a modern day equivalent of Nero . . . fiddling around while the new venture crashes and burns." The Billionaire Entrepreneurs’ Master Mind, http://billiondollarbusiness.blogspot.com/, a global learning organization that helps entrepreneurs create billion dollar businesses from start ups is headed by Donald Mitchell (co-author of The 2,000 Percent Solution http://www.2000percentsolution.com/, The 2,000 Percent Solution Workbook http://2000percentsolutions.blogspot.com/, The Ultimate Competitive Advantage and The Irresistible Growth Enterprise http://www.irresistibleforces.com/). A media tele-conference will be held at 2 p.m. EST on Wednesday, February 1, 2006. Please dial 1-712-580-7706 (passcode 16474222#) to join this tele-conference. # # #

Please let me know what else you would like to
learn, and I'll do my best to help in future blog
entries.

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Remember to also visit

Live Spiritually Better than a Billionaire at http://livespirituallybetterthanabillionaire.blogspot.com/,

Enjoy Mansions Better than a Billionaire at http://enjoymansionsbetterthanabillionaire.blogspot.com/,

Enjoy Football Better than a Billionaire at http://enjoyfootballbetterthanabillionaire.blogspot.com/ and

Be a World Hero Better than a Billionaire at http://beaworldherobetterthanabillionaire.blogspot.com/.

I offer individual on-line tutorials and
in-person seminars on creating 2,000
percent solutions (20 times the results with
the same effort), developing more profitable
business models and designing strategies that
work regardless of the business environment.
For information, contact me at
ultimatecompetitiveadvantage@yahoo.com.

I am available to you as a speaker on these
subjects. You can find my background at http://livebetterthanabillionaireon5dollars.blogspot.com/2005_08_30_livebetterthanabillionaireon5dollars_archive.html/.

May God bless you.

Donald W. Mitchell
Chairman, Mitchell and Company

Copyright 2006 Donald W. Mitchell