The Billionaire Entrepreneurs' Master Mind will hold a teleconference at 2 p.m. today for members of the media to describe this new approach to entrepreneurship which becomes available today. When Joshua was before Jericho, he was prepared to do battle in the conventional way. But God had a better plan. God told Joshua to circle Jericho with the Ark of the Covenant and trumpets in a certain way for seven days. On the seventh day, the walls fell down and Jericho was captured. Likewise many entrepreneurs may fail to achieve the full the full potential of their new ventures because their initial plans are conventional rather than drawing on new resources of knowledge and strength.
The Billionaire Entrepreneurs' Master Mind begins operating today. Drawing on entrepreneur members from around the world, this group aims to find uncommon success by using unconventional methods drawn from studies of the most successful new ventures. Each member seeks to establish a billion dollar business or non-profit organization.
One resource that these members will have is the ability to focus on applying Mitchell's Law of Entrepreneurial Success. Mitchell's law states that:
Organizational growth in cash flow and value expands geometrically as a multiple of revenue growth times the rate of gaining competitive advantages in market share, cost reductions, asset use and lower cost capital.
Here's the mathematical expression of that law:
OG = (RG)(CR)(ATR)(ULCC)
Organizational Growth in Cash Flow and Value = OG
Revenue Growth = RG
Cost Reductions Faster than Competitors = CR
Asset Turnover Reductions Faster than Competitors = ATR
Use of Lower Cost Capital than Competitors = ULCC
Most entrepreneurs assume that competitive progress will be modest. Those in The Billionaire Entrepreneurs' Master Mind assume instead that the rate of entrepreneurial success is accelerating. These members will attempt to set new standards in speed and effectiveness in gaining competitive advantages by relying on a focus on more factors of success and constantly improving their business models.
Members have used research on major entrepreneurial successes to select these 7 key tasks to work on in The Billionaire Entrepreneurs' Master Mind:
― Creating a major new market or expanding an old one by 20 times
― Reducing the costs of customers and beneficiaries to use the start-up's offerings to a small fraction of current levels
― Adding customers 20 times faster than competitors at low cost
― Improving the start-up’s business model at least every four years
― Employing a business model that doesn’t require much external equity capital
― Building a management team deep in innovation, operations, finance and marketing
― Searching to find out what they didn’t know that they didn’t know.
The Billionaire Entrepreneurs' Master Mind begins operating today, February 1, 2006.
Memberships for non-competing entrepreneurs are available.
Donald Mitchell noted: "Entrepreneurs often fail because they don't know what they are up against. They think they know what the best in the world will be, but actually are describing a standard someone met forty years ago. By arming themselves with the insights of effective global entrepreneurs aiming to make it big, these reinforced entrepreneurs may be able to blow past competitors like Joshua was able to blow down the walls of Jericho with trumpets. Their entrepreneurial competitors will be left whistling in the wind."
A media teleconference will be held at 2 p.m. EST today, Wednesday, February 1, 2006. Please dial 1-712-580-7706 (pass code 16474222#) to join this teleconference.
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