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Richard Parkes Cordock Interview
There is no question that Richard Parkes Cordock is an
inspiration.
In his own personal quest to develop his entrepreneurial
abilities he interviewed 25 ultra successful millionaire
entrepreneurs on everything from the developing the millionaire
mindset, right down to dealing with setbacks and disappointment.
Fortunately for all of us, he decided to organise what he learnt
into the ground breaking education program called the
Millionaire MBA.....
The Interview.
DS: What inspired you to set up Millionaire MBA Ltd?
RPC: I knew if I wanted to become successful as an entrepreneur,
I needed to understand what made entrepreneurs successful. I
could see that the common bond that glues all successful
entrepreneurs together was not their business or choice of
industry - but the entrepreneur themselves. More specifically it
was the way the entrepreneur thought that set them apart.
I knew if I could 'model' their 'millionaire mindset' - not only
would I fast track my own success as an entrepreneur, but I
would be able to create a valuable training course which would
benefit others.
DS: Did you have any help setting up the company or were you
going it alone?
RPC: In the very first weeks of the idea I actually started
working with another friend. It was clear at the outset that we
had different ideas on what to develop and shortly after we went
our separate ways.
From then on I built the core of the course myself.
After 6 months or so, my wife joined me in the business and I'm
glad she did because there is no way I could have created
Millionaire MBA without her. I certainly underestimated how much
effort it would take to build the course and working with her
made me realise the importance of teamwork right from the
beginning.
In developing the course I have also relied heavily on external
specialists and professionals.
DS: What was the biggest challenge you faced in bringing your
idea to fruition? How was it overcome?
RPC: The biggest challenge initially was finding the courage to
go it alone. But once I had made the decision and got the
momentum moving, the challenges were just part of the journey. I
talk of euphoric highs and crushing lows as an entrepreneur -
but it is funny looking back - the lows just seem to disappear
away, and only the highs remain.
To answer your question though - I did think at the time that
'creating the course' was the biggest challenge. But now I am in
the sales and marketing stage - I realise that this is the
biggest challenge.
The only way to overcome this or any challenge is to educate
yourself, surround yourself with other people who can help you
reach your goals - and get on and do it!
DS: What makes you most proud of your achievements with
Millionaire MBA Ltd?
RPC: I am most proud of the product I have developed. I brought
together 25 ultra-successful UK entrepreneurs to build a unique
home-study system for other entrepreneurs and business owners.
No one has ever done this before and I am thrilled with the
learning and wisdom contained within the course. It makes me
very proud when I hear how it has changed the lives of our
customers.
DS: How did you actually fund your business to get it off the
ground?
RPC: I fortunately had some savings from my previous years
working. The year before I started Millionaire MBA I was fired
from my job and decided then to go it alone as a management
consultant. I was lucky and was immediately asked to manage a
project for one year. It paid well and I managed to save some
cash.
I must say I was surprised at how expensive it was to build the
course and the business - the expense was never ending.
Everything takes four times as long and costs four times as much
as anticipated. It is probably four times as much fun though.
DS: What attributes make a successful entrepreneur?
RPC: Ah this is my specialist subject, so rather than going into
detail here, why don't I just direct you to
www.millionairemba.com. Sign up and download some of the free
information!
DS: What do you believe are the necessary elements for a
business venture to succeed?
RPC:
1. An entrepreneur who will make it happen 2. A good commercial
idea at a price which people will pay money for 3. Access to a
market or access to your prospective customers 4. The right
balance of the 4 P's of marketing 5. Access to a team of people
who can make it happen 6. Some money to make it happen (although
this should not be a barrier - if your will is there, then the
money will follow)
DS: How essential do you see a University education in achieving
success as an entrepreneur?
RPC: I personally do not think a university education is
necessary at all to be an entrepreneur. I do however
think it is
a great start in life and would encourage anyone to take this
path. If for nothing else - it's great fun and you make some of
your best friends in life there.
DS: What are the three most important lessons you have learned
about business and entrepreneurship?
RPC:
1. Believe in yourself and your product. If I did not believe in
what I offered and what I do - I would not continue. The 4'P's:
Price, Product, Promotion and Placement are critical. If you can
get the right balance of these (by testing) - then your success
will follow.
2. Customer is king. Deliver what your customer wants at a price
they will pay. Just because you know what you are offering is
great value - your customer may not. Make it easy for them to
buy.
3. Never give up. Success is not easy and persistence is
crucial. Get the fundamentals right and then go for it - and
keep going (testing, refining and tweaking your offer all the
way).
DS: What advice would you give to an aspiring entrepreneur?
RPC:
1. My first piece of advice for aspiring entrepreneurs is to
BECOME an entrepreneur. Do not just talk about it - do it. Get
out there and start something (even if it is part time). I can
guarantee that you will make thousands of mistakes as an
entrepreneur - so it is best to get started now. The more
mistakes you make - the more you learn, so why wait?
2. My second piece of advice is educate yourself and learn from
others who are successful. There are REPEATABLE AND CONSISTENT
RULES for success as an entrepreneur - it makes sense to learn
them!
DS: What's the number one book you would recommend to aspiring
entrepreneurs?
RPC: Think and Grow Rich (written in 1937 by Napoleon Hill)
stands out from the rest.
It was this book which inspired me to carry on the work of
Napoleon Hill and create Millionaire MBA. I have actually just
written a book which will be published in early 2006 and brings
together some of the thinking in Think and Grow Rich and
Millionaire MBA. As an entrepreneur it would be wrong of me not
to mention this book!
DS: What memorable mistakes, if any, have you made in business?
What did you learn from them and how can they be avoided?
RPC: The biggest mistake I made was to do an exclusive marketing
deal and give up the marketing control of my product. I have now
reversed that deal and will never do that again.
What I learned from that is that no one else will be as
passionate, driven to succeed or focused on your company's
success as you. People will tell you how great they are and how
much success they can create for you - but the only thing that
matters is the results they produce.
So the learning from this mistake is keep total control of your
business and follow your gut instinct. If you have ANY doubt
when taking on a new business partner - walk away! Business is
like a marriage - you would never have any doubt about your wife
or husband!
DS: What are the best and worst things about being an
entrepreneur?
RPC: The best thing is the freedom! Never being told what to do,
and not having a boss!
The worst thing - everything rests on you. There is nowhere to
hide and mistakes can cost you dearly. But at least you soon
know if you are any good at what you do!
DS: Are there any other thoughts, insights, or advice for
aspiring entrepreneurs that you'd like to add?
RPC: There is a big picture here which is important to look at.
We live for 70-80 years on average. Most of that time is spent
working, so we better do something we enjoy!
Most employees do not actually earn enough to become financially
independent - compared to most entrepreneurs who do
(eventually!).
The skills you develop as an entrepreneur are so wide and varied
(and commercial) that they are skills for life.
Whereas most people are focused on working, earning and spending
money (not saving, having a pension or preparing for later
life), entrepreneurs spend their time creating value, having fun
doing it and building a business that will give them financial
independence.
I would say to any aspiring entrepreneur - what is it you want
to get out of life? If you want a fun rollercoaster of a life
and experience true independence - become an entrepreneur. If
not - get a job!
About the author:
Damien Senn helps entrepreneurs create compelling businesses. He
is one of the UK's top Business Coaches as well as a fully
qualified Chartered Accountant.
Damien is the author of the 'Senn-Sational Success Journal' and
has developed his own coaching model called the 'Senn-Sational
Success System'.
For your FREE download '101 things to do before you die' please
click the following link:
http://www.senn-sational.com/freeresources.htm
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