Internet millionaires seem to be a dime a dozen. I have encountered so many; I wonder how many of them successfully created wealth, or is it just a great marketing job. I have found so many of those sort of people willing to give you the “secret sauce” for only $47 a month or $997 if you act right now. After looking into it, I find very few have created anything other than a system to sell. I have found that real entrepreneurs, people who have built something, nurtured it, and sold it at a value, you have to dig deep to find them. The truth of the matter is that the true entrepreneurs are too busy creating to consider selling their methods to others as a means of income. Typically, even if they were to sell their “secret sauce,” others would not be able to execute it and achieve their results.
Pilot On Deck.
Enter Professor Douglas Muir. When I learned he was teaching my son’s Entrepreneurial Engineering class in high school; I did not give it a second thought. When my son told me Professor Muir was a commercial pilot, owned restaurants, bought and sold companies, I was intrigued. As I learned more about him through my son and my research, he was the genuine article.
Many of us see something and say we can do better, but it is the true creativity and action of an entrepreneur who improves upon it to be better. Seeing the passion, interest, and results of my son throughout this class spoke volumes about Professor Muir. His passion for creating, succeeding, and giving back speaks to his character. I knew we all could learn from Professor Muir, so I asked him to be a guest on my podcast. When doing my background work for my guest, I found his story and his accomplishments genuinely remarkable. At the center of it all, Professor Muir created something of significance, over and over again.
The Most Important Thing.
Professor Muir has created so many different companies, built them, and sold them. What has impressed me so much about him was what he told me was the most important thing to managing a successful business. He makes sure he shares with his employees to give them “skin in the game,” he gets out of their way, and he makes sure they have a family life. If you look at his resume, it seems that this formula he has developed over time is a winning one. I know you will enjoy this interview as much as I enjoyed doing it.
Professor Muir and I had a great conversation. It was an honor to have him on the show. It is incredible to listen and hear how a person like him thinks. His passion is infectious, and it was easy to come up with action items for this week from my interview with him.
Just Start: We have all heard that 90% of success is just showing up. Incremental steps done consistently and repeatedly over time generate significant results. So, if you had any desire to be like Professor Muir and create your own company, you need to start. If money was not a consideration, what would you do? Do it every day, and dedicate fifteen minutes or an hour consistently each day. Every fifteen minutes is a brick in the foundation of the thing you desire, you can do it, but you have to start building it.
Don’t Stop: There will be failures and seemingly dead ends. You can not let these things deter you. You can not stop; you need to keep going. Designate a length of time you will dedicate to reach a particular milestone to your goal. If you do not achieve it in the allotted time, review what you have done, gather feedback from mentors, and plot a new direction to that milestone. You do not stop, but you need to assess what is not working and let it go to move forward. So, today, pick a timeframe for what you want to accomplish and do it.
Know the Numbers: Many times, accountants are the ones who seem to suck the air out of the room. That is because they are the ones who can bring us back to reality when we are dreaming past our means. If you do not know what you are spending, you can not expect a great return. Take an accounting course, learn how to write a business plan, and understand a balance sheet. There are so many free and low-cost resources to learn about basic business accounting you need to start learning today. Educate yourself, so in the future, when you own a business or are responsible for one, you will know if you are making money or if someone is taking your money.
Reflecting on my discussion with Professor Muir, I can see many parallels between how he started his professional life and what he does now. The efficiency of flying is that we can get from one place to another without a lot of friction or detours because the flight path is generally a straight line. An entrepreneur looks at an idea or business and seeks to achieve profitability by removing the inefficiencies. They create a business that everyone is “on board” with and owns its successful flight to its destination. Although he left the airline industry behind, in my mind, he is still piloting success daily. Check out his current venture, Family Business Fund at the website, or download a document about it HERE.
I appreciate feedback of all kinds, so please email me any questions or feedback to email@example.com. Have a great week, and remember, it doesn’t take a lot to get a good start; you just have to start. Thank you.