Questions Prospective New Members Are Asking about The Billionaire Entrepreneurs' Master Mind
Good morning, Billion Dollar Business Creators!
Are you feeling motivated this morning?
I certainly hope so. I know that I am!
I am updating these materials as new questions arise. So come back from time to time to see the latest questions and answers.
The rate of inquiries is picking up nicely as more people become aware of the group.
If you were invited to come to this blog to find out more about the group, welcome! The members and I appreciate your interest.
For your convenience, I have listed the most common questions that people have raised so far. I've also answered those questions. If you have a different question, please feel free to call me at 781-647-4211 in the
1. The Billionaire Entrepreneurs' Master Mind started on February 1. What has my procrastination cost me?
Many people procrastinate. Did you ever cram at the last minute in school to pass a test? Presumably, you've developed skill in getting things done faster than other people.
Building a major for-profit or non-profit enterprise is a much more difficult task than passing a test. Sustained effort has always proven to be needed.
Assuming that you would like to be more successful, your delay so far isn't a major problem. By spending an hour a day, you should be able to catch up with the group within a month.
If you procrastinate, however, for three more months, you will be permanently behind those who started on February 1. Why? You won't be able to join the master mind any more.
But that's okay. You'll still be ahead of the millions of entrepreneurs who are working on the ineffective lessons taught at most business schools if you follow the lessons on the blog.
2. How can an ordinary person with limited resources create a billion dollar enterprise?
Many people are surprised to learn that a number of billion dollar businesses were originally founded as small enterprises funded with a few hundred dollars. That's what Sam Walton did in beginning the predecessor to Wal-Mart. That's what Sir Richard Branson did in founding The Student while he was still a teenager. He now better known for the Virgin brand. That's what Michael Dell did from his college dormitory room. Colonel Sanders got his start after he retired by pitching restaurants to pay him a nickel a head of chicken prepared with his 11 herbs and spices. He lived on his Social Security check (quite a small one) and slept in the back of his car at night.
What ordinary people who create extraordinary businesses have in common is that they establish business concepts that are so powerful that the concepts attract customers, supporters and funding like honey draws bears. If your business concept is good enough, everything else you need will be provided.
And that's what we focus on in this group . . . creating the world's finest business concepts. Such concepts usually don't have anything to do with providing better mousetraps. Instead, these business concepts are about providing what people already want in delightful ways that overcome barriers which denied access to the benefits to tens of millions.
So if you have the passion of someone who loves people, the curiosity of a Sherlock Holmes fan and a heart full of caring for those in need, you probably have the right stuff to create a billion dollar business. Funny thing about that description: It fits most people.
3. What's the difference between making a million and making a billion?
Most of the proven methods for making a million or a few million aren't appropriate for making a billion.
For example, you can develop a property-based business worth five million pretty easily by buying commerical real estate and keeping it rented. You do this by buying such real estate when interest rates are high and a recession is occurring and selling when interest rates are low and an economic expansion is still young. Stay cash liquid by being conservative, and you should do fine.
While many would believe you could just keep scaling that process up by 200 times and become a billionaire, that's unlikely to occur. You will either become so pinned down by operating an enormous empire of small buildings or you'll falter as you purchase large buildings that cause you to become undiversified.
Similarly in other operating businesses, the millionaire opportunities rarely scale into billionaire opportunities.
If you had to choose between learning to create a few million and creating a billion, which would you choose?
4. How has becoming a member affected entrepreneurs?
Most significantly, the members report gaining lots of benefit from the work so far in improving their business models and plans. They look forward to each week's directions with great enthusiasm.
We have held two global teleconferences. These have been helpful in introducing members to one another, sharing questions and ideas and exploring improved entrepreneurial ideas.
<>In addition, our plans have expanded to include creating sub-groups that operate in the world's leading languages other than English. Each sub-group will be headed by a member who is bilingual in English and that language. This will allow us to combine the best thinking of those from around the world, regardless of cultural background, to create billion dollar businesses more rapidly.
Most people report spending less than two hours a week on the master mind, but gain insights that will save them thousands of hours and millions in future expenses. It's a high payoff activity so far!
5. How can I get a sample of what the organization does?
Nothing would be nicer than to let you sample everything the group does before joining. But the information the group is working on is so valuable, that would be like sharing part of the formula for Coca-Cola.
You can read, however, a sample weekly briefing that was posted on April 8, 2006.
6. How many places are left?
We can only handle 8 new members a month. To add more would dilute the quality of the service. When we've added 8 members in a month, we start a waiting list.
In addition, we don't want people to fall too far beyond the rest of the group. We'll shut down the master mind within a few weeks because otherwise we'll just have new members who cannot fully participate. That's not fair to anyone.
We'll probably add only 16 more members to the English version of the master mind. Then we'll probably shut down.
Over 55 people have already indicated an interest in joining. So we'll probably fill these slots with a waiting list in the next few weeks. Those who can make faster decisions will get in ahead of those who cannot. Those who wait too long will miss the opportunity to join this master mind.
Chances are that you'll have a hard time getting into this group. We would like to be able to help everyone. But that's not possible. We apologize for that, but that's reality. A service this good cannot be provided to everyone. It's just for the best and earliest who can take action. Such people make the best entrepreneurs anyway.
7. Where are the members located?
Most people are surprised to learn that members are based all around the world. Here's the current distribution:
Africa 30%
Asia 30%
Europe 10%
North America 30%
Currently, members represent 9 countries with multiple members in some countries.
One of the strengths of the organization is its ability to attract perspectives, knowledge and attention from entrepreneurs around the world. This is not just another U.S.-based organization.
8. Can I keep my information confidential?
Prospective members are naturally concerned that competitors not run off with their best ideas.
We protect against such problems in a variety of ways:
a. There is no required disclosure. You can simply keep all of your thinking to yourself.
b. Business model and plan evaluations are done by me alone. These materials are not seen by other members unless a member wants to share the information.
c. Competitors are not allowed in the group except if a member wants to add a competitor. This is to encourage openness and promote safety.
9. Should I join the group now or later?
Many prospective members find themselves in the middle of major projects or personal situations that are keeping them temporarily busy.
Joining sooner has several advantages:
a. You can spend a little time as you go and have more time to "sleep on" the questions the group is raising. Most of the weekly assignments can be read in less than five minutes. Have those assignments on your mind for occasional thought (we recommend just before retiring) and your subconscious mind will be creating solutions for you while you work on those near-term priorities.
b. You don't have to be concerned about being blocked by a competitor joining ahead of you and keeping you out of the group.
c. Fees increase for those who join later so the expense of the group is higher for them.
10. I've read all your books, articles and this blog. I'm looking for something new. What can I expect?
Much of the learning in the group will come from other members. You will find people who can help you solve problems because they already have done what you are thinking about . . . but in a different industry.
I also expect that many members will partner with one another to make faster progress where that's relevant. Two members already teamed up on the first global teleconference to start that process.
As for my work on entrepreneurship, I've never published anything on this subject that represents my core thinking. Although I will probably eventually publish something in this area, that is probably several years in the future.
Based on the materials I've seen so far, the simplest business models and plans in the group will be revolutionary in terms of besting the finest success models that many people are following today.
11. Do I have to want to create a billion dollar business to join?
Some people find that idea daunting. It's up to you how large you want to get. But our focus will give you the focus you need to create a billion dollar business. If you decide you want to shoot for something smaller, that's up to you.
In addition, some people are more excited by doing public good than making money. This information can also be used to create billion dollar non-profit organizations. We welcome those who would like to pursue these purposes.
12. What experience do you have with this sort of group?
I launched my first advanced learning organization like this in 1989, SHARE PRICE GROWTH 100. That organization was followed by LEADING CHIEF FINANCIAL OFFICERS, OUTSTANDING CHIEF EXECUTIVE OFFICERS and LEADING DIVISION PRESIDENTS. Members of these groups ran large operations for global public firms including some of the 50 largest companies in the world. All these groups have made major advances in best practices and provided remarkable benefits and value to members and their companies. This will be the fifth such organization I have founded, and The Billionaire Entrepreneurs' Master Mind will benefit from what I have learned in working in this area over 17 years.
13. What role will you play with members?
I see myself in several roles as follows:
a. Source of unpublished proprietary research on best practices for creating billion dollar businesses from scratch.
b. Coordinator of the group's activities.
c. Facilitator of member discussions.
d. Resource for those with questions.
e. Connector of members to one another and to my clients when such connections are likely to be valuable to members.
f. Attractor of attention for those who want publicity.
g. Objective commentator of business models and plans.
I head the Four Hundred Year Project (see www.fastforward400.com) which is a non-profit, social entrepreneurship effort to help the world's people make 400 years worth of normal progress in only 20 years. Through a book I co-authored, The 2,000 Percent Solution, millions of people have already gained billions of dollars in economic and health benefits from solutions developed by those who have read and applied the book.
15. How can I learn more about The Billionaire Entrepreneurs' Master Mind?
You may call me with questions for a five minute chat at 781-647-4211 in Boston.
16. I'll never get around to working on this. I'm just too busy. Why should I join?
Are you really too busy to create a billion dollar enterprise? Surely some of what you are working on isn't as important.
And you may miss the chance of a lifetime if you wait.
17. How do I join?
The first step is to apply. I will be checking to see if your experience fits with and adds to the group. Seasoned entrepreneurs obviously should be part of the mix. But we have some room for imaginative, inventive entrepreneurs-to-be. Drawing on a variety of diverse backgrounds is good for each member.
I'll also need to know what area you plan to work on. That's to screen for possible conflicts with existing members.
After you have qualified to join, I can fill you in on the remaining steps.
Please let me know what I can do to help you.
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What are you doing today to start or develop your billion dollar business?
If you aren't working on that task, when will you?
How much have you learned about creating a billion dollar business since February 1? Our members tell us they've learned more than they learned in the rest of the lives combined.
The Billionaire Entrepreneurs' Master Mind will be adding a few members in February. If you want to be one of them, I encourage you to hesitate to procrastinate. While time passes, the value of your future enterprise is diminishing.
Here's how to apply:
1. Describe the market you want to address. Competitors are excluded from the group, and we need to be sure that your plans aren't in conflict with a member's plans.
2. Tell us something about your background as an entrepreneur, executive or manager. That helps us understand if your background will allow you to feel comfortable in the group.
3. Share what you want to learn by belonging to the group. This helps us understand if your agenda fits what the group will be working on.
Send your answers to ultimatecompetitiveadvantage@yahoo.com, and we'll respond within a few days. Label your subject line as "I Want to Apply to The Billionaire Entrepreneurs' Master Mind".
Pricing and more detailed information will be supplied to those who are qualified candidates to join.
Here's some background information to get you started:
I am going to lay out this subject in its simplest form. I invite you to add your questions as comments to this post. I will answer each one below so that others can gain from the same information.
Most billionaires don't try to launch their own new billion dollar businesses. Rather, they are more likely to invest in venture capital funds seeking high rates of appreciation. The odds are that of 30 businesses they invest in, 27 will never be worth much. Three will have some significant value . . . and none of them will become a billion dollar business.
Here's a typical situation:
The CEO of a start-up workstation company proudly displayed his products and business projections. An engineering consultant had validated the technical superiority of the company’s offerings. All would be well . . . if only another $30 million in capital could be raised to ramp up production.
A year later the company was out of business. Despite the company’s satisfaction with its offerings, not a single customer ever bought one of the company’s workstations. Investors were as unimpressed as the customers. The assets were sold off for two cents on the dollar.
Having met many successful and unsuccessful entrepreneurs, I am constantly reminded that entrepreneurs may have more optimism than good ideas. Most entrepreneurs emphasize one potential customer advantage in their approach. Their approach falters when the company cannot deliver that advantage, customers are unimpressed or a competitor eliminates the entrepreneur’s edge.
Here’s a better approach for the 21st century: Create the right three 2,000 percent solutions and you’ll soon have a business worth over a billion even if you are starting with limited resources.
The three 2,000 percent solutions are:
1. A way to increase the size of the market by 20 times by improving benefits and/or reducing prices;
2. Reduce the company and stakeholder costs to create and use the offering by 95% and invest some of the savings into more benefits not offered by competitors for customers and other stakeholders; and
3. Accelerate recruitment of new customers to 20 times the best rate of any competitors.
On the surface, that sounds like three times the work of creating one 2,000 percent solution. That’s right. But because the benefits multiply against each dimension, the effect is to increase profits by 800,000 percent over a conventional competitor. That’s worth three times the effort.
To make this process easier, I have decided to create The Billionaire Entrepreneurs’ Master Mind.
Members will develop new business models that combine the three essential 2,000 percent solutions into their business models. In doing this, they will be supported by their fellow entrepreneurs in the Master Mind and by me.
Each member will receive these benefits:
1. Detailed directions, examples and coaching for how to create these three 2,000 percent solutions.
2. Regular tele-seminars exploring the creation of superior business models built from these three 2,000 percent solutions and how to implement them.
3. Introductions to fellow master mind members with complementary interests and talents to pursue joint ventures and other collaborations.
4. Publicity about their ventures and introductions to investors where those benefits are desired and appropriate.
5. Twice a year evaluations of business models and plans.
6. The option to exclude potential competitors from the master mind while in the group.
The charge for these services will be one annual fee that covers membership for up to 12 months.
Please let me know what else you would like to
learn, and I'll do my best to help in future blog
entries.
Thanks so much for your support of this blog.
I'm delighted that so many tens of thousands
of people have made this blog part of their
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Thank you to my many friends, students,
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good word about this blog.
If you are visiting today because someone
invited you, I'm delighted to meet you! Let's
stay in touch.
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
posted by Donald Mitchell at 8:30 AM
