How to Make $1 Million Before You Graduate
Helen Coster and Melanie Lindner
Saturday, February 20, 2010
Valuable lessons from preternatural wealth builders.
American philosopher Eric Hoffer said, "If a society is to preserve stability and a degree of continuity, it must know how to keep its adolescents from imposing their tastes, attitudes, values and fantasies on everyday life." Too bad Hoffer never met Jamie Murray Wells.
In 2004 while studying for final exams at University of the West of England, Wells, then age 21, went shopping for a pair of prescription glasses. Nonplussed by the $150 pound ($300) price tag, Wells decided to funnel his $2,000 student loan into what would become Glasses Direct, a London-based online retailer that now generates $5 million in annual revenue.
Wells is part of an elite club of preternatural wealth builders who managed to cobble million-dollar enterprises before they graduated from college. The "million-dollar" measure refers to either total revenue generated or the value of the enterprise built (as opposed to the size of the total profit pile). That's no mean feat for any entrepreneur, let alone one who can barely buy a drink legally in the States.
The nine entrepreneurs featured in our slideshow -- six from the U.S. and three from the U.K. -- started launching businesses by the tender age of 15, and one before he broke double-digits. Some of these wunderkinds, like Wells, identified problems and created companies to solve them; others turned their hobbies into money-making ventures. Some teamed up with friends, siblings and mentors; others plowed ahead on their own. Their common thread: singular focus, preternatural financial savvy and the optimism and confidence to wrest financing from seasoned investors.
Here's a look at how a few of them pulled it off.
Smelling Opportunity: Jamie Murray Wells
When Wells was bemoaning the price of his lenses, four retailers dominated the U.K. prescription glasses market; all relied on pricey retail stores to move their merchandise.
Wells figured he could move the entire purchasing process online. All he needed was a factory to make the lenses, assemble them with frames and package them. He would then ship them to shoppers, who would simply e-mail or mail in their prescriptions and pay for their glasses online. Without the costly infrastructure, Wells could sell glasses for about one-tenth the price of the established brick-and-mortar players.
Getting Started
A nifty new business model isn't nearly enough to launch a thriving company, let alone when you're 21 and have no track record. "I was knocking on the door of an industry, saying, 'The way that you're selling glasses is wrong, and I've got a better idea,'" says Wells.
Luckily he had friends and family members who agreed to put up a few thousand pounds to help him get started. Wells didn't disappoint: In the first year, Glasses Direct's revenue topped $2 million. And unlike many zealous entrepreneurs, Wells figured out how to manage his cash flow to bootstrap the business. The company took credit card payments upfront but didn't pay suppliers for another month. Wells used part of the float to hire a public relations firm to hype his low-cost strategy.
The next year Wells turned to professional angel investors. "With some investors, I simply walked in to a meeting with a sales graph and let that speak for itself," says Wells. As demand grew, Wells raised $34 million in venture capital from the likes of Highland Capital, Index Ventures, and Munich-based Acton Capital Partners. That should tide Wells over until he turns his first profit.
Asking for Help
Wells believes his age and inexperience helped him. "Having a young founder helps to add a lot of personality to a business," he says. Still, you can't cover payroll with personality.
Recognizing his limitations (yet another challenge for many entrepreneurs), Wells sought out mentors, including ophthalmologist Dr. David Spalton, and David Magliana, a marketing guru who helped bag the 2012 summer Olympic games for London. While Spalton lent credibility with the eye-care community, Magliana worked with Wells on getting the word out about Glasses Direct.
"As an entrepreneur, it's a lot easier than you'd think to reach out to people," says Wells. On the flipside, "entrepreneurs love to be written to and asked for their advice," he adds. "If your question is appropriate for them and they're emotionally interested in you, you will get a letter back, and you will get to meet them for coffee."
Running on Empty: Michael Furdyk
In 1996, as the dot-com boom started to simmer, Michael Furdyk started a Web site, called MyDesktop.com, an online computer magazine, in the basement of his parents' home in suburban Toronto. Furdyk was 16 and a bona fide computer geek. His site was filled with tips and advice Furdyk gleaned in online chat rooms, where he also came across fellow teenager Michael Hayman in Australia. The twosome figured they could turn their passion for technology into a paying business. Hayman was so convinced that he moved to Toronto to get things started.
Just one problem: Their only source of income was Furdyk's paper route. Solution: barter. In exchange for Web site storage space, they ran their host's ads on MyDesktop.com. They negotiated cheap rent on their modest office by designing their landlord's Web site.
Soon MyDesktop.com was bringing in $60,000 a month in advertising revenue from blue-chip clients like Microsoft and IBM. Furdyk and Hayman used some of their excess cash to scoop up smaller technology sites for $5,000 to $10,000 apiece. By 1999 the company was attracting 1 million unique visitors a month (serious numbers back then). Furdyk, Hayman and a third partner sold the company to Internet.com for "over $1 million," says Furdyk.
Absorbing the Blows
As part of the MyDesktop sale, Furdyk and company received a small amount of venture capital funding for their next project, a product review site called Buybuddy.com. They raised an additional $5 million and brought on an outside management team. But the good times were short-lived. In 2001 the tech bubble burst; Buybuddy suffered and shut down within three years.
Furdyk hasn't soured on entrepreneurship; indeed, he is promoting it via TakingITglobal.com, a nonprofit social networking site he launched for youngsters and educators interested in using technology to solve global problems. "Never be afraid of failure," says Furdyk. "Just learn from it. When you're young you have even less to lose."
Going With the Flow: Fraser Doherty
While his fellow mini-moguls were making a mint on the Internet, Fraser Doherty was doing things the old-fashioned way. In 2002 at the age of 14, Doherty started making jams from his grandmother's recipes in his parents' kitchen in Edinburgh, Scotland. Neighbors and church friends loved them. As word spread Doherty received orders faster than he could fill them, so he leased space at a 200-person food processing factory several days a month.
By age 16 Doherty left school to work on his jams full time. In early 2007 Waitrose, a high-end supermarket in the U.K., came knocking, and within months there were SuperJam jars on the shelves of 184 Waitrose stores. Doherty borrowed $10,000 from a bank to cover general expenses and more factory time to produce three flavors: Blueberry & Black Currant, Rhubarb & Ginger and Cranberry & Raspberry.
Spreading the Word
Last year Doherty ramped up the company's marketing efforts, printing 50 million coupons in newspapers across the U.K. He also ran a promotion in the Sun newspaper offering readers a free jar of jam. Good moves: SuperJam's revenue hit $1.2 million in 2009, flat from the prior year. Doherty's retailers now include U.K. chains Asda Wal-Mart, Morrisons and Tesco. This year he plans to introduce three new flavors.
Doherty remains the company's only full-time employee, although he hired three part-time staffers to hand out samples in grocery stores. Within the next four months, he hopes to produce mini jars for airlines, hotels and gift boxes. Based on a reasonable valuation multiple of one time revenue (jelly maker J.M. Smucker generally trades between 1 and 1.5 times revenue), Doherty's debt-free stake is worth between $1 million and $2 million.
As for taking SuperJam up a notch, Doherty asserts that his supply chain and operations can safely scale to meet heavier demand. "We're sticking with what works," says the entrepreneur, now a seasoned 21 years old.
MyYearbook.com: Catherine Cook
In 2005 Catherine Cook, 15, and her brother Dave, 17, were flipping through their high school yearbook and came up with the idea to develop a free interactive version online. The Cooks soon merged their social networking site with Zenhex.com, an ad-supported site where users post homemade quizzes, more than doubling traffic to their site. By 2006 MyYearbook had raised $4.1 million from the likes of U.S. Venture Partners and First Round Capital. The business attracted advertisers such as Neutrogena, Disney and ABC, grew to 3 million members worldwide and raked in annual sales in the "seven figures," says Catherine.
Whateverlife.com: Ashley Qualls
Conceived by 14-year-old Detroit native Ashley Qualls as a personal portfolio with pictures and graphics, the ad-supported site evolved to offer free MySpace layouts and tutorials for teens who wanted to learn how to do their own graphic designs and coding. Whateverlife.com, which Qualls owns outright, claims to nab 7 million unique visitors a month and counts Verizon Communications as an advertiser. In March 2006 Qualls reportedly received an offer (from an undisclosed buyer) for $1.5 million, but turned it down.
Culled from............http://customsites.yahoo.com/financiallyfit/finance/article-108871-4204-0-how-they-made-1-million-before-graduation?ywaad=ad0035
http://www.joasmedical.com/
Monday, February 22, 2010
Sunday, February 21, 2010
10 Things You Must Know About Real Estate & Mortgages, Before Buying This Year
10 Things You Must Know About Real Estate & Mortgages, Before Buying This Year
For some people their home is their single greatest asset. This means it is important to understand how real estate fits into your financial plan. Here you will find information on purchasing a home and finding the right mortgage.
[1]2009 First-Time Homebuyer Credit Extended and Expanded
Homebuyers who purchased a home in 2008 or 2009 may be able to claim a generous tax credit. Initially, this tax credit was to expire on November 30, 2009, but it has since been extended and expanded by Congress. The tax credit extends the deadline to purchase and close on a new home to June 30, 2010. In addition, a provision has been added that offers a tax credit to some homebuyers who may be up…
[2]How to Make Bi-Weekly Mortgage Payments
Chances are that if you have a mortgage currently you’re making monthly payments. The typical mortgage is structured so that you make a single payment each month for a total of twelve payments per year. The good thing about this is that it means you pay the same amount at the same time each month so there are no surprises and it’s easy to budget for.
Sponsored Links
[3] Determining Whether or Not You Should Refinance Your Mortgage
If you have a fixed-rate mortgage and mortgage rates are falling, it only makes sense to consider trying to refinance at a lower rate. But as with most things in finance, it isn’t always a simple answer.
[4] Saving For a Down Payment on a House
In order to receive the best possible interest rates and to avoid private mortgage insurance you generally need a large down payment, but how can you save tens of thousands of dollars for this purchase?
[5]Things to Consider Before Buying a Home
For many people, owning a home brings a sense of pride and freedom that cannot be matched by renting. Even so, there are many important things to consider before buying a home.
[6]Private Mortgage Insurance - How to Eliminate PMI
Private mortgage insurance, often referred to as PMI, is insurance that lenders require borrowers to pay for when they get a mortgage and don’t have enough equity in the home.
[7]How Much Home Can You Afford?
When the time is right to purchase a home the first question you need to be able to answer is how much you can afford.
[8]The Fees Involved in Buying a Home
There is more to buying a home than simply getting a loan. Find out what kind fees you can expect before purchasing your new home.
[9]How Reverse Mortgages Work
Learn how a reverse mortgage can help retirees tap into home equity to provide retirement income.
[10]About Home Buying and Selling
Determining whether it is better to rent or buy is easy with this great tool.
[10]Home Improvements – Getting the Most Bang For Your Buck
If you’re like most homeowners, you’ve either thought about or already made some home improvements. For some, this was part of the plan all along. They bought a house that was in need of some improvements so they were able to purchase at a bit of a discount and then put money into the upgrades they wanted. For others, the idea of home improvements came up as a way to increase the value of the home.
Culled from.....http://financialplan.about.com/od/realestatemortgages/Real_Estate_Mortgages.htm
http://www.joasmedical.com/
For some people their home is their single greatest asset. This means it is important to understand how real estate fits into your financial plan. Here you will find information on purchasing a home and finding the right mortgage.
[1]2009 First-Time Homebuyer Credit Extended and Expanded
Homebuyers who purchased a home in 2008 or 2009 may be able to claim a generous tax credit. Initially, this tax credit was to expire on November 30, 2009, but it has since been extended and expanded by Congress. The tax credit extends the deadline to purchase and close on a new home to June 30, 2010. In addition, a provision has been added that offers a tax credit to some homebuyers who may be up…
[2]How to Make Bi-Weekly Mortgage Payments
Chances are that if you have a mortgage currently you’re making monthly payments. The typical mortgage is structured so that you make a single payment each month for a total of twelve payments per year. The good thing about this is that it means you pay the same amount at the same time each month so there are no surprises and it’s easy to budget for.
Sponsored Links
[3] Determining Whether or Not You Should Refinance Your Mortgage
If you have a fixed-rate mortgage and mortgage rates are falling, it only makes sense to consider trying to refinance at a lower rate. But as with most things in finance, it isn’t always a simple answer.
[4] Saving For a Down Payment on a House
In order to receive the best possible interest rates and to avoid private mortgage insurance you generally need a large down payment, but how can you save tens of thousands of dollars for this purchase?
[5]Things to Consider Before Buying a Home
For many people, owning a home brings a sense of pride and freedom that cannot be matched by renting. Even so, there are many important things to consider before buying a home.
[6]Private Mortgage Insurance - How to Eliminate PMI
Private mortgage insurance, often referred to as PMI, is insurance that lenders require borrowers to pay for when they get a mortgage and don’t have enough equity in the home.
[7]How Much Home Can You Afford?
When the time is right to purchase a home the first question you need to be able to answer is how much you can afford.
[8]The Fees Involved in Buying a Home
There is more to buying a home than simply getting a loan. Find out what kind fees you can expect before purchasing your new home.
[9]How Reverse Mortgages Work
Learn how a reverse mortgage can help retirees tap into home equity to provide retirement income.
[10]About Home Buying and Selling
Determining whether it is better to rent or buy is easy with this great tool.
[10]Home Improvements – Getting the Most Bang For Your Buck
If you’re like most homeowners, you’ve either thought about or already made some home improvements. For some, this was part of the plan all along. They bought a house that was in need of some improvements so they were able to purchase at a bit of a discount and then put money into the upgrades they wanted. For others, the idea of home improvements came up as a way to increase the value of the home.
Culled from.....http://financialplan.about.com/od/realestatemortgages/Real_Estate_Mortgages.htm
http://www.joasmedical.com/
Saturday, February 20, 2010
The Best Business Opportunities for Starting a Small Business
The Best Business Opportunities for Starting a Small Business
By Susan Ward
The best business opportunities of 2009 are basically the tried and true as troubled economic times cause consumers to be more cautious about what they buy and less optimistic about the economy in general. Small businesses selling necessities will do well; those selling what consumers consider to be "frills" will not, unless they can tap into sufficiently well-heeled niches.
And what do people consider to be necessary in lean times? See if any of these picks for the best business opportunities of 2009 surprise you. (Note that these business opportunities are presented in no particular order.)
The Best Business Opportunities
1) Fast food franchises
Fast food is such a integral part of many people's diets that they will continue purchasing it no matter what. Others who usually don't buy it will turn to fast food as a kind of comfort food in uncertain times. Old established fast food chains especially will profit from this kind of food nostalgia. Pick the right fast food franchise in the right place and this business opportunity could be a real money-maker.
2) Repair businesses
One obvious way that people save money is to make do rather than buying new, which makes businesses specializing in repairs excellent business opportunities. Auto repair and shoe repair are two examples of repair businesses that I speak of in Best Small Business Ideas for Tough Times. But they're certainly not the only possibilities. What about furniture refinishing, furniture reupholstering and sewing and mending?
3) Collection agencies
When times get tough, more people have a tough time paying what they owe. Businesses hire collection agencies to help them get the money that's owed them. If you don't have any experience in collection yourself, the best way to get in on this best business opportunity is to hire experienced collectors to work in your agency. (Note that in Canada, all collection agencies have to be licensed and bonded according to legislation.)
4) Medical supplies
With our aging demographic, medical equipment and supplies are necessities for growing numbers of people, making providing medical supplies one of the best business opportunities around. Besides products that provide increased mobility such as scooters, wheelchairs, and walkers, bathroom safety products such as special toilet seats and bath lifts will be in increased demand.
5) Motivational speakers
What do people need more than anything else in tough times? Hope. That's what the best motivational speakers provide and that's why they’re going to be in demand in 2009. The most popular speaking topics will be those that speak to people's concerns and offer them possible solutions such as getting more out of less. People who have personally overcome adversity will also be popular speakers.
6) Cleaning businesses
Remember what I said about necessity. Good times or bad, things get dirty and need to be cleaned providing a good business opportunity for those willing and able to do the cleaning. Residential cleaning services may drop a bit depending on employment rates but the demand for commercial cleaning will continue to be steady as institutions and businesses just need to get it done.
7) Discount/surplus stores
Throughout 2009 consumers will be looking for bargains, making discount and surplus stores a natural business opportunity. Obviously I'm not the only one who thinks so as discount stores are springing up all over. The best way to get in on this business opportunity is by buying into a franchise. Buck or Two and the Great Canadian Dollar Store are just two discount store franchises you may want to investigate.
8) Sports equipment
Selling sports equipment will continue to be a good business opportunity. Sports devotees will continue to do what they love to do as long as they can and will continue to be willing to pay for the equipment they need to do it. So skis, boards, skates and mountain bikes will all continue to sell. There will, however, be increased interest in used sports equipment, an interesting business idea in itself.
9) Senior care
On the list last year, this makes the list of best business opportunities again this year because of ever-growing demand. Business opportunities in senior care range from opening your own senior care home through providing in-home care or home services such as preparing meals, housekeeping or running errands. Senior care franchises are another option for getting in on this business opportunity.
10) Chocolate
The lure of chocolate is irresistible at the best of times and in uncertain times, people will eat even more of it. And that's a lot of chocolate. In 2005, Canadians consumed 3.90 kgs per person, while Americans polished off even more – 5.58 kgs per person. While the market is dominated by the big manufacturers such as Hershey and Mars, there is still room for small businesses to specialize in producing premium gourmet chocolates. Of course, you'll need to find an experienced chocolatier to turn this business opportunity into a viable business - or become one yourself.
But not every business opportunity is right for everyone. You always need to do your homework; writing a business plan is a good (and safe) way to find out if the small business opportunity you're considering is worth investing your time and money in.
Culled from..........http://sbinfocanada.about.com/od/businessopportunities/a/bizopp2009.htm
http://www.joasmedical.com/
By Susan Ward
The best business opportunities of 2009 are basically the tried and true as troubled economic times cause consumers to be more cautious about what they buy and less optimistic about the economy in general. Small businesses selling necessities will do well; those selling what consumers consider to be "frills" will not, unless they can tap into sufficiently well-heeled niches.
And what do people consider to be necessary in lean times? See if any of these picks for the best business opportunities of 2009 surprise you. (Note that these business opportunities are presented in no particular order.)
The Best Business Opportunities
1) Fast food franchises
Fast food is such a integral part of many people's diets that they will continue purchasing it no matter what. Others who usually don't buy it will turn to fast food as a kind of comfort food in uncertain times. Old established fast food chains especially will profit from this kind of food nostalgia. Pick the right fast food franchise in the right place and this business opportunity could be a real money-maker.
2) Repair businesses
One obvious way that people save money is to make do rather than buying new, which makes businesses specializing in repairs excellent business opportunities. Auto repair and shoe repair are two examples of repair businesses that I speak of in Best Small Business Ideas for Tough Times. But they're certainly not the only possibilities. What about furniture refinishing, furniture reupholstering and sewing and mending?
3) Collection agencies
When times get tough, more people have a tough time paying what they owe. Businesses hire collection agencies to help them get the money that's owed them. If you don't have any experience in collection yourself, the best way to get in on this best business opportunity is to hire experienced collectors to work in your agency. (Note that in Canada, all collection agencies have to be licensed and bonded according to legislation.)
4) Medical supplies
With our aging demographic, medical equipment and supplies are necessities for growing numbers of people, making providing medical supplies one of the best business opportunities around. Besides products that provide increased mobility such as scooters, wheelchairs, and walkers, bathroom safety products such as special toilet seats and bath lifts will be in increased demand.
5) Motivational speakers
What do people need more than anything else in tough times? Hope. That's what the best motivational speakers provide and that's why they’re going to be in demand in 2009. The most popular speaking topics will be those that speak to people's concerns and offer them possible solutions such as getting more out of less. People who have personally overcome adversity will also be popular speakers.
6) Cleaning businesses
Remember what I said about necessity. Good times or bad, things get dirty and need to be cleaned providing a good business opportunity for those willing and able to do the cleaning. Residential cleaning services may drop a bit depending on employment rates but the demand for commercial cleaning will continue to be steady as institutions and businesses just need to get it done.
7) Discount/surplus stores
Throughout 2009 consumers will be looking for bargains, making discount and surplus stores a natural business opportunity. Obviously I'm not the only one who thinks so as discount stores are springing up all over. The best way to get in on this business opportunity is by buying into a franchise. Buck or Two and the Great Canadian Dollar Store are just two discount store franchises you may want to investigate.
8) Sports equipment
Selling sports equipment will continue to be a good business opportunity. Sports devotees will continue to do what they love to do as long as they can and will continue to be willing to pay for the equipment they need to do it. So skis, boards, skates and mountain bikes will all continue to sell. There will, however, be increased interest in used sports equipment, an interesting business idea in itself.
9) Senior care
On the list last year, this makes the list of best business opportunities again this year because of ever-growing demand. Business opportunities in senior care range from opening your own senior care home through providing in-home care or home services such as preparing meals, housekeeping or running errands. Senior care franchises are another option for getting in on this business opportunity.
10) Chocolate
The lure of chocolate is irresistible at the best of times and in uncertain times, people will eat even more of it. And that's a lot of chocolate. In 2005, Canadians consumed 3.90 kgs per person, while Americans polished off even more – 5.58 kgs per person. While the market is dominated by the big manufacturers such as Hershey and Mars, there is still room for small businesses to specialize in producing premium gourmet chocolates. Of course, you'll need to find an experienced chocolatier to turn this business opportunity into a viable business - or become one yourself.
But not every business opportunity is right for everyone. You always need to do your homework; writing a business plan is a good (and safe) way to find out if the small business opportunity you're considering is worth investing your time and money in.
Culled from..........http://sbinfocanada.about.com/od/businessopportunities/a/bizopp2009.htm
http://www.joasmedical.com/
HOW TO SUCCEED IN LIFE
How to Succeed in Life
by Andrew Carnegie
Everybody wants to preach to the young, and tell them to be good and they will be happy. I shall not enter far upon that field, but confine myself to presenting from a business man's standpoint of view, a few rules, which, I believe, lie at the root of business success.
First--Never enter a bar-room. Do not drink liquor as a beverage. I will not paint the evil of drunkenness, or the moral crime; but I suggest to you that it is low and common to enter a bar-room, unworthy of any self-respecting man, and sure to fasten upon you a taint which will operate to your disadvantage in life, whether you ever become a drunkard or not.
Second--I wish young men would not use tobacco--not that it is morally wrong, except in so far as it is used in excess and injures health, which the medical faculty declares it does. But the use of tobacco requires young men to withdraw themselves from the society of women to indulge the habit. I think the absence of women from any assembly tends to lower the tone of that assembly. The habit of smoking tends to carry young men into the society of men whom it is not desirable that they should choose as their intimate associates. The practice of chewing tobacco was once common. Now it is considered offensive. I believe the race is soon to take another step forward, and that the coming man is to consider smoking as offensive as chewing was formally considered. As it is practically abandoned now, so I believe smoking will be.
Third--Having entered upon work, continue in that line of work. Fight it out on that line (except in extreme cases), for it matters little what avenue a young man finds first. Success can be attained in any branch of human labor. There is always room at the top in every pursuit. Concentrate all your thought and energy upon the performance of your duties. Put all your eggs into one basket and then watch that basket, do not scatter your shot. The man who is director in a half dozen railroads and three or four manufacturing companies, or who tries at one and the same time to work a farm, a factory, a line of street cars, a political party and a store, rarely amounts to much. He may be concerned in the management of more than one business enterprise, but they should all be of the one kind, which he understands. The great successes of life are made by concentration.
Fourth--Do not think a man has done his full duty when he has performed the work assigned him. A man will never rise if he does only this. Promotion comes from exceptional work. A man must discover where his employer's interests can be served beyond the range of the special work allotted to him; and whenever he sees his employer's interests suffer, or wherever the latter's interests can be promoted, tell him so. Differ from your employers upon what you think his mistakes. You will never make much of a success if you do not learn the needs and opportunities of your own branch much better than your employer can possibly do. You have been told to "obey orders if you break owners." Do no such foolish thing. If your employer starts upon a course which you think will prove injurious, tell him so, protest, give your reasons, and stand to them unless convinced you are wrong. It is the young man who does this, that capital wants for a partner or for a son-in-law.
Fifth--Whatever your wages are, save a little. Live within your means. The heads of stores, farms, banks, lawyers' offices, physicians' offices, insurance companies, mills and factories are not seeking capital; they are seeking brains and business habits. The man who saves a little from his income has given the surest indication of the qualities which every employer is seeking for.
Sixth--Never speculate. Never buy or sell grain or stocks upon a margin. If you have savings, invest them in solid securities, lands or property. The man who gambles upon the exchanges is in the condition of the man who gambles at the gaming table. He rarely, if ever, makes a permanent success. His judgment goes; his faculties are snapped; and his end, as a rule, is nervous prostration after an unworthy and useless life.
Seventh--If you ever enter business for yourself, never indorse for others. It is dishonest. All your resources and all your credit are the sacred property of the men who have trusted you; and until you have surplus cash and owe no man, it is dishonest to give your name as an indorser to others. Give the cash you can spare, if you wish, to help a friend. Your name is too sacred to give.
Do not make riches, but usefulness, your first aim; and let your chief pride be that your daily occupation is in the line of progress and development; that your work, in whatever capacity it may be, is useful work, honestly conducted, and as such ennobling to your life.
To sum up, do not drink, do not smoke, do not indorse, do not speculate. Concentrate, perform more than your prescribed duties; be strictly honest in word and deed. And may all who read these words be just as happy and prosperous and long lived as I wish them all to be. And let this great fact always cheer them: It is impossible for any one to be cheated out of an honorable career unless he cheats himself.
Culled from...............http://www.clpgh.org/exhibit/neighborhoods/oakland/oak_n751.html
http://www.joasmedical.com
by Andrew Carnegie
Everybody wants to preach to the young, and tell them to be good and they will be happy. I shall not enter far upon that field, but confine myself to presenting from a business man's standpoint of view, a few rules, which, I believe, lie at the root of business success.
First--Never enter a bar-room. Do not drink liquor as a beverage. I will not paint the evil of drunkenness, or the moral crime; but I suggest to you that it is low and common to enter a bar-room, unworthy of any self-respecting man, and sure to fasten upon you a taint which will operate to your disadvantage in life, whether you ever become a drunkard or not.
Second--I wish young men would not use tobacco--not that it is morally wrong, except in so far as it is used in excess and injures health, which the medical faculty declares it does. But the use of tobacco requires young men to withdraw themselves from the society of women to indulge the habit. I think the absence of women from any assembly tends to lower the tone of that assembly. The habit of smoking tends to carry young men into the society of men whom it is not desirable that they should choose as their intimate associates. The practice of chewing tobacco was once common. Now it is considered offensive. I believe the race is soon to take another step forward, and that the coming man is to consider smoking as offensive as chewing was formally considered. As it is practically abandoned now, so I believe smoking will be.
Third--Having entered upon work, continue in that line of work. Fight it out on that line (except in extreme cases), for it matters little what avenue a young man finds first. Success can be attained in any branch of human labor. There is always room at the top in every pursuit. Concentrate all your thought and energy upon the performance of your duties. Put all your eggs into one basket and then watch that basket, do not scatter your shot. The man who is director in a half dozen railroads and three or four manufacturing companies, or who tries at one and the same time to work a farm, a factory, a line of street cars, a political party and a store, rarely amounts to much. He may be concerned in the management of more than one business enterprise, but they should all be of the one kind, which he understands. The great successes of life are made by concentration.
Fourth--Do not think a man has done his full duty when he has performed the work assigned him. A man will never rise if he does only this. Promotion comes from exceptional work. A man must discover where his employer's interests can be served beyond the range of the special work allotted to him; and whenever he sees his employer's interests suffer, or wherever the latter's interests can be promoted, tell him so. Differ from your employers upon what you think his mistakes. You will never make much of a success if you do not learn the needs and opportunities of your own branch much better than your employer can possibly do. You have been told to "obey orders if you break owners." Do no such foolish thing. If your employer starts upon a course which you think will prove injurious, tell him so, protest, give your reasons, and stand to them unless convinced you are wrong. It is the young man who does this, that capital wants for a partner or for a son-in-law.
Fifth--Whatever your wages are, save a little. Live within your means. The heads of stores, farms, banks, lawyers' offices, physicians' offices, insurance companies, mills and factories are not seeking capital; they are seeking brains and business habits. The man who saves a little from his income has given the surest indication of the qualities which every employer is seeking for.
Sixth--Never speculate. Never buy or sell grain or stocks upon a margin. If you have savings, invest them in solid securities, lands or property. The man who gambles upon the exchanges is in the condition of the man who gambles at the gaming table. He rarely, if ever, makes a permanent success. His judgment goes; his faculties are snapped; and his end, as a rule, is nervous prostration after an unworthy and useless life.
Seventh--If you ever enter business for yourself, never indorse for others. It is dishonest. All your resources and all your credit are the sacred property of the men who have trusted you; and until you have surplus cash and owe no man, it is dishonest to give your name as an indorser to others. Give the cash you can spare, if you wish, to help a friend. Your name is too sacred to give.
Do not make riches, but usefulness, your first aim; and let your chief pride be that your daily occupation is in the line of progress and development; that your work, in whatever capacity it may be, is useful work, honestly conducted, and as such ennobling to your life.
To sum up, do not drink, do not smoke, do not indorse, do not speculate. Concentrate, perform more than your prescribed duties; be strictly honest in word and deed. And may all who read these words be just as happy and prosperous and long lived as I wish them all to be. And let this great fact always cheer them: It is impossible for any one to be cheated out of an honorable career unless he cheats himself.
Culled from...............http://www.clpgh.org/exhibit/neighborhoods/oakland/oak_n751.html
http://www.joasmedical.com
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