From spending One Million in 30 minutes to Dr. Shaquille O’neal

When Shaquille O’neal was drafted into the NBA, he spent the first million that he earned within 30 minutes. O’neal then received a phone call from his banker, who scolded him, and told him that he would end up joining the list of former athletes who ended up broke if the current trend continued.

O’neal decided to sharpen up his education on business and finance. He returned to college, completing his Bachelor’s degree, followed by his M.B.A, and lastly, his Ed.D. That’s right, he is now Dr. Shaquille O’neal.

As of today, Shaq is the joint owner of 155 Five Guys Burgers restaurants, 17 Auntie Annie’s Pretzels restaurants, 150 car washes, 40 24-hour fitness centers, a shopping center, a movie theater, and several Las Vegas nightclubs.

In addition to his business holdings, O’neal still earns $22 million per year (roughly $423,000 per week) from his endorsement deals with Arizona Creme soda, Icy Hot, Gold Bond, Buick, Zales, and at least a half dozen additional corporate sponsors. He is also a studio analyst for TNT.

In Shaq’s own words, “It is not about how much money you make. The question is are you educated enough to KEEP it.”

21 Inspirational Movies For Young Entrepreneurs

From the Big Screen to Your Living Room – These 21 Movies Will Inspire Many Young Entrepreneurs…

Entrepreneurs with that creative genius will find inspiration anywhere and everywhere they look. Book may be the fuel behind every entrepreneur, but it shouldn’t stop there. Sometimes we just need to kick back on a Saturday night and enjoy ourselves. Many turn to the television only to be disappointed with all the useless garbage that broadcast. You now have a guide to quench your thirst for inspiration!This is a list of 21 films created over the past 25 years that will not only entertain you, but have the capability to impact you with the powerful messages behind them. The majority these films have personally inspired me along my journey including a few nominations from other friends and entrepreneurs in my social network.

Holiday Parties: 7 Ways to Network Like a Pro

Even if you’ve had a bad year, don’t skip the holiday party scene. With the right approach, you can always turn a get-together into a great opportunity.

Originally Posted in Inc.com by Minda Zetlin

When holiday party invitations land in your inbox, do you see them as a waste of time? Or do you recognize them for what they are: a great opportunity to expand your network?

There’s no better time of year for networking–if you know how to make the most ofholiday parties, according to Kathleen Brady, career coach and founder of Brady and Associates Career Planners. Here are her tips:

1. Don’t stay home.

If you haven’t had a stellar year it may be oh-so-tempting to skip the holiday party scene, especially if you feel intimidated at the thought of meeting more successful people there. Go anyway, Brady advises, and bring the right attitude with you. “You gotta show up like you belong.”

2. Plan what you’ll say.

Before you leave for the party, plan exactly what you’ll say to describe your business or job. It should be something short that projects a positive outlook.

“If you say, ‘I’m working from home and trying to get this new company going,'” people will perceive you as unsuccessful,” Brady says. Instead try something like, “I’m an entrepreneur, I’m working on this great new product and we expect to launch in the spring.”

3. But first, focus on others.

Now that you know what you’re going to say, don’t say it. At least not until you’ve asked the people you’re talking with about their own careers and passions. “Start by showing interest in other people,” Brady advises.

4. Talk to the loners.

At every party, you’ll see at least one person standing alone. Walk up to one of these folks, and start a conversation, preferably with an upbeat comment of some sort. Chit-chat for a little while, and then introduce yourself.

5. Find a graceful exit.

Once you’ve talked to someone for a while, it’s polite to move on so you don’t monopolize all of that person’s time. And you don’t want to limit your own networking to one person, either. But don’t commit the faux pas of looking over someone’s shoulder to see who else is there. Instead, be straightforward and say that you want to go say hello to some other colleague or talk to others at the party.

Brady recommends against the commonly-used tactic of excusing yourself to get a drink. “Good manners dictate that you offer to also get a drink for the other person,” she notes.

6. Stand at the edge of a group.

What if someone you really want to meet is already in a conversation or surrounded by a group? Unless it looks like a serious or private discussion, go over and stand quietly at the edge of the group. Wait for an opportunity to gracefully join in the conversation. And, Brady suggests, pay it forward: If you’re in a group conversation and you see someone standing at the edge of it, make it a point to include that person.

7. Set appropriate goals.

Don’t seek to leave the party with investors already committed to your project, Brady advises. And don’t try and collect the largest possible stack of business cards either. Your goal should be to connect with a small number of valuable contacts whom you may work with later on. “You’re trying to create on-ramps to build new relationships,” she says.

New Study: America Needs More Entrepreneurial Role Models

New research out of the Kauffman Foundation reveals shocking numbers of Americans have never heard of your entrepreneurial heroes.

Given just how obsessed the media is with Silicon Valley titans, you could be forgiven for thinking that entrepreneurship is plenty glamorized at the moment. Surveys show young people aspire to start their own thing and just everyone thinks being a founder beats being an executive.

But according to a new study out from the Kauffman Foundation, startup mania actually hasn’t spread that broadly in the population. Sure kids in Mountain View and New York may worship Steve Jobs for his entrepreneurial accomplishments, but take a wider sample of Americans and something surprising happens, nearly half haven’t even heard of the guy, Kauffman reports:

The poll asked 1,000 Americans aged 18 and older if they have heard of five extremely prominent entrepreneurs. The results are likely to shock you:

The findings reveal not only moderate to low awareness of entrepreneurial figures, but in some cases differing perceptions of who is an entrepreneur to begin with.

Among survey respondents, Steve Jobs was the most recognized, with 52.8 percent overall awareness; Oprah Winfrey was next at 38.9 percent, followed by Walmart founder Sam Walton (38.1 percent) and Thomas Edison (33.3 percent).

Elon Musk, CEO of growth companies SpaceX and Tesla Motors, was recognized by only 12.9 percent of respondents – less than the 24.7 percent who had heard of “none of the above.”

For comparison, 96 percent know who Marilyn Monroe is. Given the outsized impact of these people on the U.S. economy, this relative lack of awareness is troubling, according to Paul Kedrosky, Kauffman Foundation senior fellow. “Because entrepreneurs in general, and particularly ‘growth’ entrepreneurs whose ventures create the most jobs, are so important to the economy, these findings point to a need for role models that encourage entrepreneurship among both genders,” he said.

What else can the readership of Inc.com take away from this research? Perhaps the findings should serve as a healthy reminder of just how easy it is to work within an echo chamber. If you’re an entrepreneur who often socializes with fellow founders and reads regularly on business issues, of course you’re going to have business ownership on the brain. But that doesn’t mean most people out there have the same obsessions. Entrepreneurs have to be more thoughtful about promoting their work — and their products — and not get lulled by the hype in their immediate circles.

Did these findings surprise you?

Originally posted on Inc.com by  JESSICA STILLMAN, a freelance writer based in London with interests in unconventional career paths, generational differences, and the future of work. She has blogged for CBS MoneyWatch, GigaOM, and Brazen Careerist. @EntryLevelRebel

How the Rich Got Rich

Like to emulate the success of others? If wealth is what you’re after, look to an unconventional source for tips: the IRS.

John D. Rockefeller, America’s first billionaire, said, “If your only goal is to become rich, you’ll never achieve it.”

Easy for him to say, but his point is well taken: If the only thing you care about is making money, no matter how much money you make it will never be enough.

Still, even though we all define and calculate success differently, most of us would like wealth to factor into our equations.

To find out how, check out the 400 Individual Tax Returns Reporting the Largest Adjusted Gross Incomes, an annual report issued by the IRS. Granted the IRS Statistics of Income division must be where fun goes to die, as my CPA friend Bill Zumwalt (who forwarded me the report) says. But if you want to get rich, there’s interesting data buried in all the charts and tables.

(The latest report is for 2009, which to you and me was a long time ago but to the government is really, really up to date.)

In 2009 it took $77.4 million in adjusted gross income to make the top 400. That might sound like a lot, but it’s down from $109.7 million in 2008 and significantly down from a record high of $138.8 million in 2007.

A mere $77.4 million only got you in, though; the average earnings were $202.4 million, a lot of money but well down from the $334.8 million average in 2007.

20 Things the Rich Do Every Day

Tom Corley, on his website RichHabits.net, outlines a few of the differences between the habits of the rich and the poor:

1. 70% of wealthy eat less than 300 junk food calories per day. 97% of poor people eat more than 300 junk food calories per day. 23% of wealthy gamble. 52% of poor people gamble.

2. 80% of wealthy are focused on accomplishing some single goal. Only 12% of the poor do this.

3. 76% of wealthy exercise aerobically 4 days a week. 23% of poor do this.

4. 63% of wealthy listen to audio books during commute to work vs. 5% for poor people.

5. 81% of wealthy maintain a to-do list vs. 19% for poor.

Famous Failures

While few could rival Albert Einstein’s trajectory from underachiever to Nobel laureate, most success stories include a few failures.

Oprah Winfrey:

Less than eight months into her first big TV gig, media magnate Oprah Winfrey was pulled from the anchor chair at Baltimore’s WJZ-TV, then shuffled through various lower-level jobs—reading headlines on air, writing copy, reporting. She’d just about had it with TV—until she was tapped for a local talk  show.

Michael Jordan:

NBA legend Michael Jordan initially failed to make his high school basketball team and admits to other defeats, including more than 9,000 shots missed in his career and more than 300 games lost. “I have failed over and over and over again in my life. And that is why I  succeed.”

Harland Sanders:

KFC founder Harland Sanders traveled the country marketing his fried chicken, but restaurateurs did not find his 11 herbs and spices to be particularly finger-lickin’ good. Before finally finding a business partner, the colonel heard “no” more than 1,000 times, as well as more than a few jokes about his starched white suit and bow tie.

Norman Vincent Peale:

Positivity champion Norman Vincent Peale became so discouraged by publishers’ rejections that he threw his first manuscript in the trash. His wife pulled it out, sent it to one more publisher, and the rest, as they say, is history. The Power of Positive Thinking has now sold more than 20 million  copies.

Originally posted in Success

Jay-Z’s Business Commandments

Original Post by Zack O’Malley Greenburg in Forbes

In the late 1990s Shawn “Jay-Z” Carter grew fond of an Italian knitwear designer by the name of Iceberg. When he started singing the brand’s praises in verse, sales skyrocketed. Sensing an opportunity, he and erstwhile business partner Damon Dash approached Iceberg’s management about a possible endorsement deal. They were rebuffed. So in 1999 Jay-Z and Dash started their own clothing line, Rocawear. Eight years later their company fetched $204 million from Iconix Brand Group.

Neither the birth of Rocawear nor its nine-figure sale would have occurred if it weren’t for Jay-Z’s sharp entrepreneurial instincts—in particular, his reluctance toward giving away advertising to products other than his own. The latter is one of Jay-Z’s many business commandments that I’ve observed while writing a business-focused biography of the rapper over the past year, and one of the main reasons he has amassed a net worth of $450 million while serving as an inspiration to countless entrepreneurs and musicians.

6 Easy Steps to Being a Master Networker All of the Time

Original Post from Entrepreneur by STEPHEN KEY

When there’s only so much time in the day, it’s easy to overlook the value of building and maintaining your professional relationships. But being stressed and busy is no excuse. Relationships take effort, of course, but throughout my career, I’ve constantly been reminded that my success is dependent on the strength of my network. You really can’t do it all alone!

Thankfully, I’ve discovered that the simplest tricks — tricks you’ve heard before, but aren’t truly putting into practice — have an enormous impact on relationship building. They don’t take a lot of effort, but they do take commitment. That said, even taking these six simple steps can help you prioritize relationships in your life almost immediately.

1. Remember names. Names have power. We’re all impressed when someone remembers our name, because it makes us feel important and worth remembering. Make an effort to cultivate that feeling in others. To help yourself remember, repeat someone’s name multiple times over the course of your conversation. Don’t be afraid to ask someone to repeat his or her name. And if you have forgotten a name, cop up to it. Asking to be reminded still shows you care.

What the Most Successful People Have in Common

Originally from Inc.com By Nicole Carter

At the second day of the Inc. 5000 Conference, Lewis Schiff revealed the findings of a study on wealth and success. 

Lewis Schiff, author and executive director of the Inc. Business Owners Council, took the stage at the Inc. 5000 Conference to talk about his research on the business strategies of self-made founders and owners from around the country. During his talk, Schiff revealed the findings of a survey of 800 decision-makers that formed the basis for his book Business Briliant: Surprising Lessons from the Greatest Self Made Business Icons.

The survey divided respondents into four groups: middle class (those with a net worth of less than $1 million), middle class millionaires (those with net worths between $1 and $10 million), high-net-worth individuals (with between $10 and $30 million), and ultra high-net-worth individuals (with more than $30 million). Most Inc. 5000 company owners fall in the “middle class millionaire” group, Schiff said. Based on his findings, Schiff identified key traits shared by the wealthiest people. Here are three of them.