I met an elderly gentleman recently who had been the owner of a very successful catering business during his heyday. As a student of success, I always like to find out exactly what makes an entrepreneur succeed.
Here’s the story he told me:
One day, he came home and told his wife he had good news and bad news. The good news was that he had just told a man he would buy his catering business. The bad news was that it cost $250,000.
He asked his wife how much money they had and she said $1500.
If you are laughing now, you would be sharing the same emotion his wife had.
However, he told me, he had a strong feeling he could make that business BOOM and he had decided that he was going to be successful.
What happened next is a testament to sheer tenacity and a wholehearted belief in himself.
Knowing there was no bank that would loan him the money, he made a list of everyone he knew.
He started at the top of the list with the person he thought would be the most receptive. It was a bar owner. The gentleman told me he was never a drinker but had made friends with the bar owner and the owner liked him. After hearing the gentleman’s story, the bar owner laughed and said he didn’t have $250,000 to loan. The gentleman then said, “How much do you have?” Now, that was a man on a mission!
Long story short, two days later, the tavern owner called to say he could loan the gentleman $20,000. He was on his way! That gave him the confidence he needed to call the others on his list.
Through those phone calls, he managed to secure the entire $250,000 to purchase the business.
Now, that would be a story in motivation and inspiration just by itself, but there’s more.
In two and a half years, the gentleman had paid every penny of the money back, plus had bought a building for $150,000 and owned four catering trucks.
He was delighted to tell me the story. I was more than happy to hear it.
After the story, our conversation centered on WHY all this came about. He admitted that once he made the decision, doors began to open up. Then, once he had acquired the business, he worked with a passion, and the profits rolled in.
Have you made the decision that your business will be a success? Or are you HOPING it will succeed?
There’s only one answer that’s right!