Inside a Million Dollar Mind

The entrepreneurial bug bites everyone at some point in life. And who among us wouldn't be lying if we said that the idea of unlimited earnings potential wasn't part of the draw? In the United States, we're assaulted daily by the credible-sounding testimony of people who claim that getting rich was as easy as, well, quitting their day jobs. There are the infomercials on late-night TV that hawk real-estate investment courses, the spammers who offer big bucks to anyone who can get 20 people to try a new vitamin, the friends who swear they make a bundle hosting in home marketing groups or flipping time shares.

As alluring as the idea of instant wealth can be, get-rich-quick schemes rarely work. How does a hopeful entrepreneur, then, parlay his or her ambition into profits? How did the high-profile, successful businesspeople we read about every day get to the top?

Let's use one especially prolific entrepreneur as an example. Steve Jobs is a co-founder of Apple Computers and the CEO of both Apple and Pixar Animation Studios. Disney recently purchased Pixar that would bring Jobs' net worth to a whopping $7.8 billion. He and his companies have been credited with introducing the world to affordable personal computers, the graphical user interface, iPods, and the ultra- realistic computer animation seen in movies like "The Incredibles."

Jobs' stunning career has had its ups and downs (most notably, he faced public humiliation when Apple fired him in 1985), but any would- be entrepreneur can learn much from him. In fact, we can pick apart his strategy to learn what has worked for this man with the million- dollar touch.

1. Work: There is no substitute for hard work. Building any business from scratch-whether a restaurant or Silicon Valley powerhouse-demands an extraordinary amount of work and discipline. Sacrifice is another common theme, particularly during the early years of a new venture. Jobs, a self-proclaimed workaholic, recalls 100-hour workweeks at Apple. Success will not come overnight; it's important to have both patience and an acceptance that breakeven might take years to achieve.

2. Desire: Intense desire and vision are the underpinnings of great companies. The small-business owner who opens a florist shop in a town with eight other florist shops and aspires to be no better than her competitors may survive but is unlikely to thrive. On its own, a me-too strategy or yearning to be rich cannot support an exceptional business. There has to be a viable concept-an idea for a new product or service or a better way of doing things. Steve Jobs and his partner, 22-year-old computer geeks when they began Apple, truly had something to offer: In an era of mainframe monsters, they knew that desktop computers were technologically feasible. Just as important, they were determined to see their vision realized.

3. Focus: Focus on the real drivers of business and profits will follow. It can be tempting to invest a disproportionate amount of energy in marketing and growth planning. Savvy entrepreneurs know that their focus has to rest squarely on providing a superior product or service. Steve Jobs' guiding mission is to make best-in-class computers, electronics, and animated films. He even once pared back Apple's product line from dozens of SKUs to just four items out of concern that the company's product quality and reputation were suffering. Now that's focus.

4. Tenacity: Tenacity and toughness are indispensable. The typical route to self-made success is filled with frustrations and setbacks. Many entrepreneurs throw in the towel before their businesses have had a chance to flourish. Those who make it are able to steel themselves against the inevitable disappointments, pushing through tough times with an unswerving tenacity. When Apple's board of directors ousted Steve Jobs, he considered leaving the tech industry for good. Ultimately, though, he rallied by starting NeXT Inc., a company later bought out by none other than Apple Computer.

5. Risk: Reward in business rarely comes without risk. What rings especially hollow in those get-rich-quick infomercials are the breezy guarantees, the promises that buying this or doing that will translate into personal wealth. In reality, starting a business venture entails quite a bit of risk. The entrepreneurs who have made it did their research, carefully weighed their odds of success, and only then took intelligent risks that paid off handsomely. Steve Jobs' leap into the animation industry was a gamble and an exercise in self- confidence. When he plunked down $10 million of his own money to buy Pixar, observers questioned the wisdom of his move. But Jobs had bought into the idea that computers could be used to create animation so lifelike that moviegoers would forget that what they were watching wasn't real. A string of box-office hits, and now Disney's interest in Pixar, has proved him right again.

Are these five qualities unique to Steve Jobs? Before answering, take a moment to think about, and perhaps research, the career histories of several entrepreneurs you most admire. Chances are, it wasn't just luck that got them on their way. It wasn't being in the right place at the right time. And it almost certainly wasn't a belief in a get-rich- quick scheme. Like Jobs, the individuals you analyze have probably had deep reserves of the qualities we reviewed; 1. Work, 2. Desire, 3. Focus, 4. Tenacity, 5. Risk.

For some, letting go of dreams of instant success will require a major shift in mindset. Realistic expectations might even altogether dissuade some people from breaking out on their own. But if you found that you could identify with the five points above, you are already one step closer to a successful career as an entrepreneur.