Page 21 - Midas Touch

At the time, John’s company was selling soap on a rope, shaped like a
microphone, for people who like to sing in the shower. I found investors
for his company.

Let me restate it: The ability to sell is an entrepreneur’s most important
skill. If you are not good in sales, then you must find a partner who is.

I was still working for Xerox when my friends began to call, asking for
their money back, plus 20% interest. As my fear went up, as is the rule,
my intelligence went down.

I was too naïve to know that it was stupid for me to be raising money and
promoting products for a business that was mismanaged. I was
unknowingly participating in a little Ponzi scheme, a smaller version of
Bernie Madoff’s billion-dollar scandal. Thankfully, I eventually paid back
the money.

Slow and steady always wins the race. There are few grand slams in life,
and promoting a business or an idea takes time.

Story #3: Come On Board
Again, like a fool, I asked John what I could do to help him get my money
back. His brilliant idea was for me to join his company, make the money

back, and help him save his company. And guess what? I took him up on
his offer. So I worked hard at Xerox during the day and, after work, I
crossed the street to John’s office in downtown Honolulu to work on a plan
to save his business.

Entrepreneurs need to work 24/7 during the start-up phase, often working
for free for months and even years. It’s the number of hours worked for
free that defines entrepreneurs and separates them from employees.

The number of hours working or practicing for free also determines the
level of success you will have in anything. For example, professional
golfers invest years in study and practice before they get paid—if they get
paid.

That is why it is best to keep your daytime job and build your business in
your spare time. You may think otherwise, but you just might be working

for free for a long time.