Free Book Summary : The Millionaire Maker’s Guide to Creating a Cash Machine for Life Author: Loral Langemeier Publisher: McGraw-Hill, 2007 ISBN: 0-07-148473-6 Number of Pages: 242 pages

The Big Idea

Entrepreneurship surrounds us every day. New businesses and ventures are the pulse of wealth around the world. The fact of the matter is that just about every product or service we use nowadays is a symbol of bravery. Somebody had to have the courage and faith needed to create that product and build that business.

Entrepreneurship is the single biggest source of wealth in this country. However, the sad fact is that too many wealth building programs bypass this step. This book is all about building and sustaining a viable business – a Cash Machine – to help you create and support your wealth, and about giving oneself the confidence and courage to do so.

The Cash Machine:  Create New Money as You Learn to Earn
Whether you build, fix or buy your Cash Machine, you are going to focus on a business that is immediately going to generate revenue. You can organize your Cash Machine in three ways:

• Build it.  You can either use the skills you have or partner with someone who is also starting from scratch to leverage your skills with your ideas – or do both at the same time.
• Fix it. If you have your own business already, but it’s not making enough money or is too difficult to run, then you need to make your Cash Machine more effective.
• Buy it. You may have lazy assets – those that are just lying around doing nothing, like CDs or money market accounts for instance – that can be sold to generate cash for your Cash machine.

Skill Set:  Digging Into Your Toolbox
It’s absolutely necessary to begin with your skill set, not just with your business idea. Starting a business is tough enough without handicapping yourself and expanding into an area that is not supported by your skill set. Most entrepreneurs fail because they choose to pursue entrepreneurship with new skills instead of skills they already have.

Idea Generation: Brainstorming the Business
Whether you are building, fixing or buying a Cash Machine, you will need to generate or solidify the idea of the business. This idea will come from your Skill Set.

Some points:

• If you want to buy a Cash Machine, be selective. Go for ongoing business ventures that are already making money or at least breaking even. You want a good solid business that is doing fine. (The point of buying one in the first place is to leapfrog the get-on-your-feet stage.)
• At every point in the brainstorming process you want to make sure you stick to your personal values.
• You need to have a vision for your future to stay on track to reach your goals – something to help you overcome the tedium of the day-to-day running of the company.

Modeling:  Finding a Form to Follow
Once you have your business idea, you should model a similar business. A look around should help you find such similar ventures. It would even be best for you to meet the owners in person and see how they work, or even shadow them for a day. (If you cannot find a good model for your idea, you can divide your idea into different segments and model each after an easy-to-find business.)

The Plan: Mapping the Best Route
A business plan is a document that maps out the business concept and its strategies. The exercise helps get the entrepreneur going: writing the plan down helps him or her organize his or her thoughts and clarifies strategies and tactics.

Building a Team:  Finding Players for Each Position
The best entrepreneurs are great leaders, and great leaders know how to come up with great teams. Leaders know enough to understand that they do not need to do everything themselves. In order to determine the kind of team you need for your Cash Machine, you can have a look at the team of the model business you selected. The organizational and personnel structures of most businesses are very similar and work on the same group of best practices and benchmarks.

 Marketing and Sales:  Engaging and Enrolling the Customer
In order to develop the marketing plan, your team needs to know how to define the business: what you do, how you do it, and for whom and why. This will help you discover your message and relate to your target market.  To quickly get your customers in the door, you can try putting up ads in the newspapers (nice quality ads or classified ads), on the net, on the radio; by distributing notifications via email or posters; by holding parties, get-togethers, seminars or other events; or having third parties endorse you.

 Operations and Finance: Systems and Structure
Operations is the machinery that makes everything go. It refers to the inner workings, the actual infrastructure, the systems, and the structure of the business, and covers everything you need to happen to execute your concept. The flow of operations can make or break a business.

 Accelerating the Machine:  Expansion and Exit Strategies
As growth occurs, you will be adding more money to your company, spend less time on the details of the business, and begin to evaluate the future of the company.

The Kids’ Cash Machine:  The Next Generation of Millionaires
Teach your children true entrepreneurship by teaching them how to build their own Cash Machines.   A Cash Machine, to recap, is simple to start and sustain; based on skills that get you to an idea modeled after an established, successful business, with revenue models to hit specific projections, built on a plan, with a team, and well-marketed as well. Any kid can and should do this.  But you should stress that they shouldn’t do this solely to make money –  they should to try to help people as well.

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