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Along with my own experiences, I interviewed a range of successful self-made millionaires – from equally challenging minority backgrounds.
Following is a summation of common characteristics of financially-liquid minorities:
Your first business? It’s your own checkbook
Successful minorities consistently mention they never achieved success until they learned to optimally manage their existing income – however small - and still manage to save money each month. Mad Money guru Jim Cramer is famous for sharing how he still saved money each week - even when he lived out of his car - when he first started his career.
The Internet is awash with helpful hints in this regard. It requires discipline.
Corporate America is usually a “dead end”
Traditional avenues for success are often filled with people of highly “traditional” values. Regardless what’s printed in the employee “rule book” – you’ll likely face an “invisible ceiling” – limiting your potential income.
If you really want to bag a two-comma net worth? You’ll need to strike out on your own.
Embrace your minority status
Alternative gender expression is sometimes a transsexual’s first taste of what “discrimination” – really feels like. Bitterness, in this regard? It results in failure.
Highly successful minorities embrace the fact they face discrimination – and build companies in industries where this issue won’t hinder their income growth opportunities.
Franchised businesses are often a good haven
Established franchises offer a proven business model to prospective franchises. However, to minorities? They often provide a much more valuable “service”. How? They instantly create an “All American Image” – and thus alleviate certain prejudice.
The more established a particular brand is in the marketplace – the more a franchisor usually charges in “up front” fees and ongoing royalty expenses. However, such recognizable brands tend to cause consumers to more easily overlook “minority” ownership.
Focus on businesses with consistently high “exit” values
What’s the first rule in evaluating a new business opportunity? Most commonly, beginning entrepreneurs inquire as to how much they’ll make each month or how much it costs to “get in”. Minorities that proved most successful were more devoted to: how much they would receive when they “got out”.
Certain businesses – like retail clothing stores and boutique restaurants – are notoriously impossible to eventually “sell-out”, for any price higher than the final liquidation value of the inventory and fixtures. However, other businesses like convenience stores, franchised hotels / restaurants, and dry cleaners – often can be sold for an established multiple of sales and earnings.
Another reason exit-value is of heightened importance to minorities is that many started their first business with very modest start-up capital and used the increased value of their initial enterprise – to fund the development of another even more lucrative company.
The big difference?
That dress shop you always wanted to open might eventually be “sold out” – and net you about $80,000 at the end of your journey through a “going out of business” sale . That “dry cleaner” you could have started? It could line your bank account with an additional $800,000 – when you sell.
Clearly – a highly liquid exit opportunity – means big value.
Exercise caution regarding your own great idea
You might have the perfect idea for a new business – you might not. The downside of this type of pursuit is that any new idea – often involves inordinate amounts of personal contact - in order to fully explain and sell the novel concept - just to get it going. Banks, customers and investors rarely buy into “new ideas” from minorities for this and other reasons.
Successful minorities tend to start businesses where their “great idea” – is a willingness to work harder than competitors.
Be wise about starting a business using your “existing” skills
Some skills developed in your former male role might easily transfer to rapid wealth accumulation - as a minority. However, if you operated in a primarily white collar, upscale field? Let’s face it – discrimination is more likely.
Consider leveraging this accumulated business in a parallel, alternative field.
Learn on somebody else’s dime
Not sure if you could serve hamburgers – and still serve up a smile? The best way to find out? Go and work at an established business in the industry sector you find appealing.
The sort of work you’ll do as an owner is no different than that of an hourly wage earner: you’ll still drop fries and serve burgers.
The most successful minorities consistently “worked the business” for someone else and learned the secrets to success before risking their own capital. In some instances? Their former employer helped finance their new venture.
Get ready to get your hands dirty
Millionaire owners of small businesses didn’t start by hiring others to mop floors and iron clothes. They began each day performing these “dirty” tasks themselves. Successful entrepreneurs do every task they're hourly wager earners perform.
They usually do it better.
You have to want “more”
Successful minorities consistently wanted “more” from life. They refused to accept the face value of the cards they were dealt at the onset.
A burning desire is the mother of financial independence.
The Future of Transsexual Millionaires
A net worth in excess of $1 million doesn’t make one person better than the next. A million dollars doesn’t buy personal happiness. Succinctly stated, increased financial liquidity buys freedom – to enjoy life more fully.
Likewise, a large number of financially successful people arising from a particular minority group can cause their brethren to become more accepted amongst traditional society. Right or wrong? Traditionalists tend to respect financial success.
Finally, financially successful people are essential to the advancement of every minority group – through adequate funding for specialized interests in education, research and community visibility.
Will we see a host of wealthy transsexuals in the decades ahead? The “Minority Millionaire’s Rulebook” says it requires hard work, smart business analysis, a positive mental attitude, and financial discipline.
However, most importantly – it requires a burning desire to change your life, coupled with a willingness to risk everything – for the accomplishment of your dream.
Can you name a transsexual woman that’s not already an expert in that criterion?
Move over Wall Street - the Tranny’s are coming!