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5 Questions Millionaire Entrepreneurs Ask

5 Questions Millionaire Entrepreneurs Ask

Dr. Ellen Weber October 17, 2007
Here are 5 questions millionaire entrepreneurs ask to skyrocket their business into success:

1. How do you handle cynics and skeptics? Listen to Larry Flax and Rick Rosenfield’s story and hear how they repeatedly were called crazy to abandon law practices to start a restaurant business in the mid-eighties. They managed to squeak by their critics with over 213 CPK locations in 29 states and several countries. What have your critics said that sparks entrepreneurial zip?

2. Can current resources support growth? Liz Lange borrowed her money from friends and family to open a small office in New York City. Her vision to sell made to order maternity clothing, reports millions in sales 10 years later. Her maternity lines are sold from several boutiques of her own as well as commercially at places such as www.Target.com.

3. What tactics expand a brand exponentially? In the second year of business Larry Leight outran his first year at Oliver Peoples by 400 percent. For Larry there were three rather straightforward tactics… go for your passion … take risks … hold on when you feel like giving up. These three gained a large global clientele for Oliver People’s distinctive eyewear. Larry used these keys to land his firm within the top nine American designers. Where could they carry your entrepreneurial idea?
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4. How can entrepreneurship retool a pitch? Julie Aigner-Clark pitched her Baby Einstein idea to skeptics in the late nineties with very little response. Rather than allow lack of interest to turn her away, she retooled the pitch and came back for a win of over 10 million in sales by 2000. Soon after the Walt Disney Company adopted the brand and shot sale past the $200 mark.

5. What new pathways are headed toward success? When the real estate pathway failed Richard Allred, who founded Toes on the Nose, he pulled together enough money from family and friends to start, a Hawaiian-print clothing line. Within the first few years the new pathway took Allred in $10 million in sales and what has turned out to be a timeless fashion line he operates. Currently, he is looking for another new pathway forward … one that will allow his brand to expand internationally.

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