MMBA Workbook WK1


WorkbookCMillionaire MBA Limited - 2004

CONTENTSDay 1 - Millionaire Mindset8Day 8 - Risk and Judgement38Day 2 - Millionaire Difference14Day 9 - Fear40Day 3 - Motivation18Day 10 - Persistence and No42Day 4 - Secret of Success22Day 11 - Communication46Day 5 - Failure26Day 12 - People and Teams50Day 6 - Habits and Systems30Day 13 - Goals and Focus54Day 7 - Confidence and Self-Doubt34Day 14 - Stress and Pressure58Copyright (C) Millionaire MBA Ltd 2004. All Rights Reserved. This book may not be lent, resold, hired out or otherwise disposed of by way oftrade in any form or binding or cover other than that in which it is published with the prior consent of the copyright owner and publisher. The use ofthe word MBA in association with the Millionaire MBA does not infer any type of qualification. This is not a recognised course leading to anyaccreditation neither is it associated with any university.2DO NOT MAKE ILLEGAL COPIES OF THIS WORKBOOKCMillionaire MBA Limited - 2004

Day 15 - Time, Self-Discipline and Sacrifice62Day 16 - Networking66Day 17 - Business Heroes andDefining Moments370Day 18 - Leverage74Day 19 - Fundamentals of Business78Day 20 - Making a Million82Closing Statement88Part 2 - Individual Entrepreneurs89CMillionaire MBA Limited - 2004

A message fromRichard ParkesCordock author,developer andpublisher of theMillionaire MBAThank you for purchasing theMillionaire MBA. Before youstart on your entrepreneurialjourney of discovery, I wouldlike to give you a littlebackground on thedevelopment of the course.Like many new products or businesses, the MillionaireMBA was driven by a personal need. That need was tothink differently with the millionaire mindset. I recognisedthat in order to achieve the level of success I desired as anentrepreneur, I needed to change my thinking patternsfrom an employee mindset to a millionaire mindset.At that stage however, I didn't know what the millionairemindset was. It was evident to me that all successfulentrepreneurs think differently to those who follow anemployed career path. So the question was, how could Itrain my own mind to think this way?4I had read many books on the subject of the millionairemind, including Napoleon Hill's 1937 classic Think andGrow Rich, but I still felt there was something missing. Iwanted to hear first hand what the mindset was fromthose who had already achieved success in their ownbusinesses. I wanted to hear their voices, their own choiceof words; I wanted to learn from their experiences.I knew from studying NLP (Neuro Linguistic Programming)that the fastest route to success is to model excellence, soit stood to reason that the fastest route to success as anentrepreneur would be to model proven entrepreneurs.I therefore decided that I would seek out and interviewthose who had already achieved outstanding results intheir own businesses and find out first hand from themwhat the millionaire mindset is. I did this in such a waythat I was able to build a course that would benefit others.The Millionaire MBA is a fusion of a number of influences:NLP, Think and Grow Rich, real-life entrepreneurs, the'missing element' of MBAs (Masters of BusinessAdministration), personal development, Rich Dad PoorDad, Tony Robbins, audio and much more. By putting allthese elements together in one home-study programme, Ideveloped the course you are about to embark on: theMillionaire MBA.In creating the course I have had my own entrepreneurialjourney with euphoric highs and crushing lows. I havewitnessed first hand the qualities that are needed todevelop a product and build a million pound business.These qualities are precisely those which are taught in theMillionaire MBA.I hope you have as much fun studying the course anddeveloping your own millionaire mindset as I had increating the Millionaire MBA.Ordinarily, I would wish you the best of luck with your ownbusiness, but in the main I believe that you make your ownluck. So enjoy creating your own luck and turningopportunity into reward with the millionaire mindset.Richard Parkes CordockCMillionaire MBA Limited - 2004

IntroductionWelcome to the MillionaireMBA: the definitive homestudy course inentrepreneurship and themillionaire mindset.Over the next eight weeksyou will undertake a periodof intense training toreprogramme your thinking patterns to a newentrepreneurial level.For 30 minutes each day for the next two months, youwill benefit from the advice and wisdom of 25 awardwinning, UK based entrepreneurs and four experts inbusiness and motivation.It has been said that success leaves clues. Time and timeagain, it can be seen that successful entrepreneurs sharecommon traits, habits and thought patterns. In short,they share the millionaire mindset. This coursedemystifies this mindset and through the voices of realentrepreneurs, lays out a programme for thedevelopment of your own millionaire mind.5Like all things in life, the more you put in, the more youget out. The same is true with the Millionaire MBA. Themore time you invest in developing your own mindsetof excellence, and learning from the featuredentrepreneurs, the greater the return will be for you.This course is designed to be listened to many times.Each time, you will learn something new from themasters who have already achieved the highest levels ofsuccess. Make a commitment now to listen to theMillionaire MBA several times over the coming years. Ateach point in your entrepreneurial journey you willuncover new meaning and new relevance as the yearsof wisdom from our featured entrepreneurs connectwith you in previously unidentified ways.During the next eight weeks you will develop an innerconfidence that you too can achieve entrepreneurialsuccess. You will learn that becoming a successfulentrepreneur has more to do with the way you thinkthan your technical ability in business. There is no doubtthat having a solid understanding of finance, marketing,sales and other core subjects taught in any businessbook or business school are important in running yourown business. But the real key that sets trueentrepreneurs apart is one vital ingredient - themillionaire mindset.WorkbookThis workbook is designed to be read after you havelistened to each day of the course. Over the next fourweeks, as you listen to each CD, you will complete 20exercises, which have been specially written to cementeach day's learning. It is important that you completethese exercises, as they are key to fine tuning yourCMillionaire MBA Limited - 2004

thinking and stimulating thought at the subconsciouslevel.It is also important that you re-read the answers youhave given in this workbook on a regular basis, as thiswill help generate new connections as new thoughtpathways are developed.A pocket sized notebookOver the next eight weeks, start the habit of carryingaround a pocket sized notebook and pen with you, acommon habit of successful entrepreneurs who use thisapproach to write down thoughts and ideas. Read yournotebook on a regular basis. As your millionaire mindsetdevelops each time you re-read this, as with theworkbook, new thought pathways will be opened upand new connections will be made that can lead toopportunity.6The Millionaire JourneyIt is often said that the real value in becoming amillionaire is the journey it takes to get there. Self-mademillionaires do not achieve success without stretchingthemselves, operating outside their comfort zone, orsuffering setbacks and failures. Those with themillionaire mindset accept that this is necessary in orderto become successful. They accept that failure is simplyan opportunity for success and that risk is the currencyof winning.Employees do not think this way.The journey to become a self-made millionaire is oneto be admired and desired. Those who have taken thejourney enjoy riches far in excess of the financialrewards. They become fuller and more developedindividuals whose characters have been strengthenedon their millionaire journey.In future, when you see a successful self-mademillionaire, take a moment to admire 'the individual',for they have lived an extraordinary life, takensignificant risks and faced challenges that the majority ofpeople with the employee mindset could neverappreciate.Don't be surprised however if you cannot spot a selfmade millionaire. Today, significant wealth is more aboutthe freedom, choice and security that money bringsrather than the money itself; the very opposite of whatthe employee mindset offers. Many self-mademillionaires blend into the everyday world, preferringnot to show their wealth, and instead, enjoying thecomfort of knowing that through their millionairethinking they can fully provide for their family and havegiven themselves total freedom. These are the truerewards for the millionaire journey.CMillionaire MBA Limited - 2004

Those who develop their own millionaire mindset andare prepared to embark on their own adventure have alife of security and freedom in store for them. Absolutelyanybody can take this journey, but only those who areprepared to invest in themselves and make the decisionto develop their own millionaire mindset will actuallyachieve true success and financial freedom.Your journey of self-investmentand life-long learning starts here!"Luck, knowledge andarduous work - especiallyarduous work - are allnecessary for a man tobecome a millionaire.But above all that, heneeds what can be calledthe millionaire mentality."John Paul Getty7CMillionaire MBA Limited - 2004

DayMillionaireMindset1Today you learnt:The difference between theemployee mindset and themillionaire mindsetThe 12 elements of themillionaire mindsetThat in order to become an entrepreneur, you first haveto take the leap.The way we think, talk, the language we use, and thehabits and behaviours we adopt all form the basis of ourmindset.8Typically, we are conditioned from an early age to adoptan employee mindset. This is a mindset that follows apath of going to school, getting a higher educationqualification and then becoming an employee. Althougha good education gives a tremendous advantage in lifeand should be welcomed at all times, it is important tothink differently and not get trapped into life as anemployee. The employee mindset is one of CVs, jobpromotions, minimum percentage salary increases,assumed job security and perceived lower risk thanbeing an entrepreneur. It is a mindset that allows itself tobe controlled by others and settles for a life of 9-5, ormore typically 7am-7pm when travel time and overtimeare incorporated. It is a mindset of working as anemployee and reacting to events (such as redundancy,missed promotions) rather than creating your ownvision and following your own dreams.The employee mindset is amindset of CVs, job promotions,small salary increases, having aboss, getting a title.It is a mindset of 'perceived' lowrisk and single income streams.CMillionaire MBA Limited - 2004

The opposite of the employee mindset is the millionairemindset. The millionaire mindset is a mindset ofexcellence. It is one that has a clear vision, follows itspassion, and has set goals.Successful people share this mindset. Think of anysuccessful sports person. Think of the drive,determination, hard work and self-discipline that isrequired to achieve their success. The millionairemindset is the same, but simply applied toentrepreneurship and business. It is about freedom,success, opportunity and achievement. It is about havinga dream and making it reality. It is about using businessas a vehicle to follow your passion.The most importantelement is to havepassion for what you do.When you have passion,work will never everfeel like work again.9Employee Mindset9-5 40 hrs / week Salary focusedCV, employerInflexible - Single source of incomeDependent Build a CV Risk adverseHide failures Shy away from fearManager Power politicsHave self-doubt and fail to take actionSpend money Consumer debtLive within comfort zoneUnused potential never testedMillionaire Mindset24hrs / day 50-100 hrs / weekProfit, Asset value focusedSales, marketing, customersFlexibility - multiple source of incomeIndependent Build a businessAccept risk as part of successAccept failure is part of successConfront fear head on LeaderBuild relationships and teamsHave self-doubt, but charge aheadInvest money Leveraged borrowingsStretched comfort zoneUnused potential - limits are endlessCMillionaire MBA Limited - 2004

We have identified 12 core elements of the millionaire mindset.These are:PassionTo keep going when times are toughHard Work & To get things done and a willingness toSelf-Discipline make the necessary sacrificesSelf-BeliefTo carry on against the nay sayersand doubtersPersistenceTo keep going and never give upOptimismTo keep yourself and those around youpositive and to avoid negativityDesire,Desire to become successful, and driveDetermination, and determination to achieve your goalsDrive10CourageTo follow your instincts and to take theleap to become an entrepreneurWisdom &To learn from your mistakes and toCommon Sense think with a clear headVisionTo have a dream and inspire others toachieve itOpportunistic To be alert to new deals and seeopportunities that others do not seeFocusTo achieve your goals and not getdistractedJudgement& RiskTo make the right decisions and takecalculated risksCMillionaire MBA Limited - 2004

Each and every one of us is born with thesecharacteristics of the millionaire mindset. However, aswe grow up we lose sight of these qualities and areswept along in the employee mindset.What is needed is an event to kick-start the millionairemindset: an event such as starting a business that you arepassionate about. Only when you truly follow yourpassion do all the elements of the millionaire mindsetcome together and help you to achieve success.Success is not an accident.Neither is failure."Once we adopt themillionaire mindsetwe take completeownership of ourselvesand our lives.This is incrediblypowerful."David Taylor, Authorand Motivational Speaker11CMillionaire MBA Limited - 2004

Day1You heard today that passion isat the heart of the millionairemindset. It is the fuel thatyou forward. If you'reE X E R C I S E drivesnot passionate about yourMillionairebusiness, then you will struggleto push through the inevitabletough times ahead, and fail toinspire others to follow you orto buy from you. Passion is where it all starts.MindsetUse this opportunity to think through what you arepassionate about in life. Your business opportunity maywell come from this. Think through what you want out oflife, and what you do not want. This will help you to focusyour mind on the bigger picture of what you plan toachieve as an entrepreneur. It is vital that your aspirationssit in harmony with who you are and what you value."A business has to be involving, ithas to be fun, and it has to exerciseyour creative instincts."Richard Branson12What are you passionate about in life?19210311412513614715816Which other people and/or lifestyles doyou admire?19210311412513614715816CMillionaire MBA Limited - 2004

What do you want out of life?19210311412513614715816What do you not want out of life?1319210311412513614715816CMillionaire MBA Limited - 2004

Day2Today you learnt:The importance of thinkingdifferentlyMillionaireDifferenceWhat our entrepreneurs seeas their key difference incomparison to others whohaven't achieved the same level of successGenetically, entrepreneurs are no different from the restof us in the same way that less fortunate people whosleep rough in doorways and park benches have thesame genetic make up as millionaires. The onlydifference is how they choose to use their mind.14Most people think with an employee mindset andtherefore could not imagine building their owncompany and becoming an entrepreneur. That isbecause they are so firmly conditioned into thinking likean employee. All they can think about is having a joband earning a salary. You may have heard the expression'we are what we think about', therefore if we choose tothink as an employee, we will become or remain anemployee. When we change our thinking patterns tothe millionaire mindset, then the results we can achieveare limited only by the boundaries we impose onourselves.Thinking differently is at the heart of the millionairemindset. Later on in the course you will hear howKaran Bilimoria, founder of Cobra Beer, turned his backon his professional career to bring Cobra Beer to theUK. He had to think differently every step of the way.Right from the start, Karan proved he could thinkcreatively and laterally as an entrepreneur: firstly comingup with an alternative name when he realised thatPanther Beer was not going to be a winning brandname and secondly, convincing his customers that thelarger size Indian beer bottle was a positive feature andnot a negative one.To understand thelanguage of themillionaire mindset,read through the wordson the next page.Debbie Burke, FounderNotice that this mindsetROC Recruitmentdoes not use businessjargon or mentiontechnical subjects such as finance, strategy or marketing.Notice how the language of entrepreneurs reflects amindset of excellence, a mindset that is common to allexcellent people, ranging from leaders to sports menand women, from explorers to inventors."I think everybody is anentrepreneur inside.It is just having thecourage to do it."This is the mindset that you will develop over the nexteight weeks.CMillionaire MBA Limited - 2004

Millionaire Mindset n love withAll consumingSelf-BeliefNo doubtConfidenceInner ntAmbitionDrive & ryNerveVisionDreamAspirationMental pictureFocusPrioritiseDetailNecessityHard WorkGraftEffortToilSelf-DisciplineSelf-controlWill powerRestraintPersistenceTenacity StubbornnessInsistence PerseveranceDetermination ward mmon ChanceOpeningPossibilityProspectJudgementReasoning & ThoughtExperience & eSpeculationCalculated RiskCMillionaire MBA Limited - 2004

Day2EXERCISEMillionaireDifferenceIn order to become asuccessful entrepreneur, theone thing you do need is awinning business idea. Ideascome from many sources.You may already have awinning idea, or you may stillbe looking.As we saw in Day 1, passion is at the heart of themillionaire mindset, so the closer your idea is to yourpassion, the greater your chance of success will be.Use today's exercise to brainstorm ideas for a newbusiness. At this stage any idea is a good idea. By writingdown possible business propositions, your subconsciousmind will automatically think through the variousalternatives and over the next four to eight weeks oneidea will surface as a stronger candidate than others. Itmay take you longer, but the more you tune your mindto entrepreneurial success, the easier it will be for youto identify an idea that you are committed to andbelieve will be a winner.16Keep a notebook with you at all times. Write downideas as they come to you. Be constantly on the lookout for opportunities in areas that interest you. Revisityour notebook. Look for connections between yourideas and speak to people about them.Gauge their reaction. Just as you know when you havechosen the right partner in life, or bought the righthouse or car, you will also know when you have foundthe right idea. It is the millionaire mindset that allowsthis to happen.List below possible business ideas that youare passionate about:19210311412513614715816CMillionaire MBA Limited - 2004

NOTES17CMillionaire MBA Limited - 2004

DayMotivation3Today you learnt:That passion for an idea isthe main motivator forentrepreneursThat money alone is not amotivatorThat it is important to consider other people'smotivations in businessBecoming an entrepreneur is a massively hard journeyand requires tremendous levels of self-motivation to getthere. Only those with a burning desire to achieve willeventually reach the highest levels of success. Withoutthis burning desire to attain your personal goals, you willstruggle to find the drive to keep going.As humans, we only do what we want to do!It is very hard as human beings to do something that wedon't want to do, or to put it a better way, that we don'thave the motivation to do.18Have you ever been asked to perform a task in lifewhich you really didn't want to do? How much effortdid you put in? No doubt it was well below your usualhigh standards, because without the motivation to dosomething it is hard to achieve real results.Think of this example. Typically, if you were asked to getup at 4am in the morning, you would find it very difficultto do so (if you are like most people). The motivationto stay in bed would be much higher. If however, youhad to get up at 4am to go to the airport for a twoweek luxury holiday in the sun, you would get up like ashot even if it was raining outside and freezing cold inyour house. Such is the force of motivation.Not everybody wants to become an entrepreneur!It is clear that not everyone wants to become amillionaire. Perhaps more accurately, most peoplewould like to have"I don't believe that youa million (we knowwill ever become a millionaire this because theyplay the lottery andif you chase the money. Youhope to win), buthave to be passionate abouta product and want to deliver how many areprepared to makethe best quality service tothe sacrifices thatyour customers."are required toachieve millionaireLena Björck, Founder, Innstatus? Very few! Itor Out Cateringis those who haveboth an idea andthe desire to achieve that will eventually find truesuccess.CMillionaire MBA Limited - 2004

If you cannot motivate yourself, you will not be ableto motivate others!You cannot achieve success in business by yourself. It isa fact that from the very beginning you will need thehelp of others. It is crucial though that other people feelyour enthusiasm and motivation. If you are unable tofind the motivation yourself, you will certainly not beable to inspire others.Other people's motivation and empathy. Why this isimportant.Getting other people to work for you, to buy from youor invest in your business is paramount to becomesuccessful as an entrepreneur. In the same way that youwill not do anything you are not motivated to do, otherpeople will not do anything (work, buy, invest) if theydon't want to. In order for you to get the outcome youdesire from other people, it is essential that you putyourself in their shoes and understand their motivation.The more you can understand other people'smotivations, the greater level of success you canachieve.19"True wealth is abouttaking control of yourfuture and makingchoices about whatyou really want in life.Money is only a meansto help you get whatyou want in life.Not life itself."CMillionaire MBA Limited - 2004

Day3Everybody has their ownmotivation for becoming anentrepreneur. As you heardE X E R C I S E today, Glenda Stone, thefounder of Aurora GenderCapital Management, wasMotivationdriven by her desire to leavea mark on the world for theadvancement of women in business, and Luke Johnson,a serial entrepreneur, was motivated by his desire tocreate something that would last and to make adifference.It is quite likely that your motivation is different fromother entrepreneurs'. It is important to understand yourown motivation as this can increase your drive anddetermination to achieve success.As you learnt today, motivation comes in two forms:motivation 'towards pleasure', such as motivationtowards money, because you want to be rich; ormotivation 'away from pain', for example, working hardbecause you do not want to be poor.It is human nature to have stronger feelings to moveaway from pain rather than towards pleasure.20Your exercise for today is to identify what your truemotivation is. Use your answers to the questions on thenext page to build a mental picture of what life wouldbe like in 5, 10 or 20 years from now if you do notsucceed as an entrepreneur.Run a mental movie of how life would be if you do notmake any changes. Fast forward 10 years and see howlife will be, IF YOU DO NOT TAKE ACTION NOW.Start to build up a picture of the pain you will feel whenyou are another 10 years older and have still notachieved the success you desire. Make this movie ahorror movie.Run another mental movie, and fast forward 10 yearsand look now at how life will be when you achievesuccess as an entrepreneur. Notice how you feel whenyou have achieved the very goals that are currentlymotivating you. This film has a happy ending. This is thefeeling that you are working towards.Use this opportunity to identify your own motivation.Rate your motivations out of five: zero being the lowestand five being the highest. Add your own personalmotivations to the list below, but be honest withyourself about why you want to achieve success as anentrepreneur. Then build mental movies around whatlife would be like if you do not achieve the success youwant. Use this movie as your motivation to keeppushing forward.CMillionaire MBA Limited - 2004

Motivation away from(unhappiness)21Score out of 5 Motivation towards (joy)Employed career for rest of lifeMoneyFinancial insecurityMaterial possessionsLack of savings for pensionFinancial freedomEarly redundancyFulfilling your potentialLack of controlTesting yourselfBeing an employeeGaining status and social standing?Score out of 5Rate the motivations that you agree with, or add your own to the list.CMillionaire MBA Limited - 2004

DaySecret ofSuccess4Today you learnt:Four insights into the secretof successThe ultimate secret ofsuccessThe importance of not running out of cashMany people think that becoming an entrepreneur is asecret art, and that others who have achieved successknow a magic formula that most of the world don'tknow. Non-entrepreneurs stand back in amazement athow one person can achieve so much success, whetherit is creating 1m, 100m or 1bn.The stark truth is that there is no secret to success, nohidden formula or magic pill. Everybody knows this butfails to accept it, still wishing to believe that there issome easy, quick fix way to riches.22Rather than seeking a secret formula (which doesn'texist), it is better to recognise the common clues tosuccess. Firstly, that those individuals who achievesuccess share a common mindset of excellence - themillionaire mindset. And secondly, those who achievesuccess recognise that there is only one true secretto success, that is themselves (YOU)."I don't have any magicabilities as an entrepreneur.It is just about taking theleap and then getting onand doing it."Ultimately, the onlytime you will seethe true secret tosuccess is in themirror.If however there isone golden rule inMichael Smith,running a businessCo Founder of Firebox.comthat everybody onthe inside knowsonly too well, that is DO NOT RUN OUT OF CASH.A business without cash is a dead business.That route to success has been the same since timebegan: that is to know what you want to achieve(have goals), and get on and do it (take action).Those who have written goals and take massive actionare the ones who achieve success. Those who have nogoals and fail to take action are the ones who never fulfilthe true potential they are capable of.CMillionaire MBA Limited - 2004

23CMillionaire MBA Limited - 2004

Day4Excelling in the 12 elementsof the millionaire mindset isvital to reach the highestE X E R C I S E levels of success as anentrepreneur. However, itSecret ofwould be wrong to say thatentrepreneurs excel in all ofthese qualities from theoutset. On the contrary, each must be trained anddeveloped. For many who are focused on their ownpersonal and business goals, the very fact that they havea target to aim for and a vision of where they want togo, acts as a fuel to increase their standing in eachelement of the millionaire decide what action to take to improve yourunderstanding of the millionaire mindset.In this exercise, ask a friend or colleague who knowsyou well to score you out of five in each of the 12elements of the millionaire mindset in relation to yourcurrent job. It is important that somebody else scoresyou as they will give you an independent and honestanswer on how they see you. They may also suggest anaction for you to take to improve your standing in eacharea. Using a friend to do this will give a more thoughtprovoking score than if you do it yourself.Hard Work andSelf-DisciplineSuccess24The key here is not to necessarily get the highest score,but to get the most honest answers. Only when youare starting from a position of honesty, will you be ableOtherperson'sscoreComments and ActionsHow youscoreyourselfPassionSelf-BeliefDesire, Drive ismWisdom andcommon senseOpportunisticJudgementand RiskCMillionaire MBA Limited - 2004

Review your score, if your score is low in any particulararea then take on a small task to prove to yourself thatyou can improve your mark.For example, if your score is low in 'persistence', thenset yourself a small task to prove that you can becomepersistent in a chosen area of your life. Create an actionplan to put this into practice. This activity can beunrelated to your business id

3 C Day15-Time,Self-DisciplineandSacrifice Day16-Networking Day20-MakingaMillion Day18-Leverage Day17-Busines sHeroe and DefiningMoments ClosingStatement Part2-IndividualEntrepren