An Independent Review by Tom Butler Bowden
Millionaire MBA (2004) - Richard Parkes
Cordock (a commentary by Tom Butler-Bowdon author of 50 Success Classics)
“There is
no doubt that having a solid understanding of finance, marketing,
sales and other core subjects taught in any business book
or business school are important in running your own business.
But the real key that sets true entrepreneurs apart is the
millionaire mindset.”
“It is often said that the real value
in becoming a millionaire is the journey it takes to get there.
Self-made millionaires do not achieve success without stretching
themselves, operating outside their comfort zone, or suffering
setbacks and failures.
In a nutshell
Great wealth and success begins with a mindset
that anyone can adopt.
In a similar vein
- Napoleon Hill Think and Grow Rich
- Robert Kiyosaki Rich Dad, Poor Dad
- David Schwartz The Magic of Thinking Big
- Thomas P Stanley The Millionaire Mind
The question of what makes a person
successful has always seemed a little mysterious. While sceptics
put success down to either good luck or connections, romantics
imagine a halo around anyone who does well, as if they were
'born' to succeed.
The truth is that success, particularly
of the entrepreneurial business variety, can be studied like
anything else, and there are a growing number of books and
programmes that reveal the fundamentals. Of these, Richard
Parkes Cordock's audio programme, Millionaire MBA, based on
the neuro-linguistic programming idea of 'modelling', is among
the best. Modelling holds that the fastest way to learn anything
is to study and copy those who are already a success in the
same task or field, and Millionaire MBA easily succeeds in
its aim to demonstrate that success does not only leaves clues,
it leaves a veritable manifesto for anyone who is prepared
to look.
Parkes Cordock had read and loved Napoleon
Hill's classic 1937 work Think and Grow Rich, but felt there
was a missing link between the theory of entrepreneurial success
and the practice. He set about interviewing 25 of Britain's
most celebrated entrepreneurs, asking them to describe what
he calls the 'millionaire mindset'. How had they thought differently
than the rest? The answers provide a journey into the creative
business mind that will engross anyone even mildly interested
in how an idea becomes an enterprise, and among the hundreds
of tips may be the vital insight you need to move from mediocrity
to millionaire-dom.
More than the money
Introduced by French economist JB Say in
around 1800, the word 'entrepreneur' strictly means to “shift
economic resources out of an area of lower and into an area
of higher productivity and greater yield”. In finding
and adding value where there was none before, entrepreneurs
engage in an essentially creative activity.
The motivation to have more money will
always be a major element in a person's desire to go into
business for themselves, but it is not the only motivation.
As Julie Meyer, the founder of First Tuesday and Ariadne Capital,
notes, entrepreneurs are driven by the need to solve a problem.
They begin with a dissatisfaction at the way things are, then
think constantly about how something can be done better. Though
money is important early on, after a certain point it is the
freedom to put ideas into play that matters most - even to
change the world in some way, to leave a mark. Wealth simply
becomes the by-product of a mission to create fantastic value
through your own thoughts and enterprise.
Most will look at the successful entrepreneur
and say 'she did it to get rich', but as is noted in the Millionaire
MBA many times, the larger motivation for starting new businesses
is commonly to have a fuller, more exciting life instead of
just going through the motions – to be in charge of
one's destiny. Being an entrepreneur stretches you to achieve
things you never dreamed possible, because it requires the
development of tenacity, discipline, communications skills
and many other attributes you may not have developed if you
were just sitting in a nine-to-five job.
Different worlds: employee and entrepreneur
One of Millionaire MBA's themes is the distinction
between the employee mindset and the millionaire mindset.
To the employee, starting a business can look like a nightmarish
trip into insecurity, but Parkes Cordock's programme tries
to show that it is the employee, with their income from only
one source and with the possibility of losing their job suddenly
- not the entrepreneur - who is taking the real risk. Having
been fired twice, Parkes Cordock himself discovered this the
hard way.
The employee mindset is to be overly cautious;
everything has to be planned, and you don’t leave one
job until another is lined up. It is about living within your
comfort zone all the time, not investing in yourself. As David
Taylor, author of The Naked Leader puts it, the main difference
between the mindset of the employee and that of the entrepreneur
is that while the employee is focused on their pension, the
entrepreneur is focused on their passion. The notion of 'life-work
balance' is meaningless to self-made millionaires, because
their work and life are all one. It is only employees who
believe that 'life' is something that happens out of working
hours.
Parkes Cordock asked the interviewees,
how did you know your business would work?
Most answer, ‘I didn’t know’.
For any new idea or product there is no existing market, so
often you have to make a judgment that you can create a market
with your product or service. People believe entrepreneurs
take great risks, but the ones interviewed do not see it this
way. Their confidence is based on knowledge and experience,
which they are willing to trust. Many have great ideas, but
few are willing to back them, and this is another feature
of the millionaire mindset – the courage of one's convictions.
If you listen only to professional advisers, one interviewee
notes, you will only be quite successful. Great success comes
from trusting yourself.
Entrepreneurial reality
In one of the more original metaphors, serial
entrepreneur Duncan Bannatyne suggests that “Being an
entrepreneur is very much like being a mother”. Great
entrepreneurs have a maternal instinct in that their business
is like their baby, and the passion they feel for their business
is the same as the love a mother feels for her child. She
has the self-belief that she knows what is best for her child,
and will do anything to keep them healthy.
Compare this depth of commitment to the
mindset of the employee. When much less is at stake, much
less will be achieved. When a person becomes an entrepreneur,
the realization that they are now master of their own time
has a liberating effect, and they will work any amount of
hours or eat baked beans for a year in order to survive and
prosper. When your business is at stake, you cannot take 'no'
for answer. You develop discipline, stamina, and persistence
for the long haul, and though you work according to a vision,
you live with a new sense of reality which comes from closeness
to the marketplace. You quickly learn that if you don't have
sales, you don't have a business. You work on the product
first, not the marketing, and cut costs to the bone. You are
constantly reminded that 'cash is king'.
Raising a child is not easy, nor is building
a business, but the rewards can be tremendous. The fruit of
your labours will delight, but it is what you learned about
yourself in the process that is truly precious.
Final comments
What makes the Millionaire MBA exciting
is the self-told stories of the entrepreneurs. We look at
a successful person in business and think they have sprung
into the world fully-formed, but Parkes Cordock's programme
shows they were just like everyone else, trying and failing
at various ventures before finding a winning combination.
While passion, persistence, vision, belief and courage are
mentioned as vital attributes of the millionaire mindset (along
with a bit of luck), the subjects also note that these qualities
can be adopted by anyone. A further surprising secret emerges:
what separates these multi-millionaires them from their friends
or peers was simply the willingness to 'have a go'. Many have
excellent ideas for new businesses, but those who actually
launch them are always in the minority.
In his landmark book The Magic of Thinking
Big, David Schwartz noted that the main characteristic of
successful people was simply the size of their dreams. No
more effort was required to think big instead of small, the
author reasoned, therefore you may as well have larger expectations
which are so compelling that they have to be fulfilled. If nothing else, Millionaire MBA shows you that the biggest
things standing in the way of your success are mental. You
don't necessarily need a lot of capital, you don't need a
lot of staff, you don't even need a business plan; what is
required above all else is a mindset which allows you to believe
in your success even before it is realized. While thoughts
and attitudes are free, they are also our greatest capital,
and Parkes Cordock's conclusion is that successful entrepreneurs
think differently.
Though more expensive than a book, the
programme is cheaper than many training courses, and should
be bought by anyone considering starting out on their own;
if you are already in business, you will find invaluable inspiration,
tools and advice on how to grow your business to a higher
level. The interviewees may be British, but the themes which
emerge are timeless and universal.
Millionaire MBA 'overdelivers', providing a huge amount of information and ideas, including
Parkes Cordock's 12 elements in the millionaire mindset, and
extended conversations with motivational gurus such as Mike
Southon, the 'Beermat Entrepreneur', and the 'Naked Leader'
David Taylor. As a package, the programme is slick and professional.
The 25 hour Millionaire MBA is presented on Audio CDs or MP3
CDs and includes a 100 page workbook. In any format the programme
is a delight to work through.
This is one personal development programme
that you can enjoy as well as being enlightened by. - ©
Tom Butler-Bowdon 2005 |