Billionaire In Training -
Bradley J Sugars

In Billionaire in Training, the author Bradley Sugars shares with us his plan to become a billionaire. From working through the stages of entrepreneurship from employment to investor, he sees the path as that of buying and selling businesses.

Even though he is hard on the people with an employee mindset, he does acknowledge that it is often the first step for many entrepreneurs. Being an employee is the time to sock away money and build some capital to invest in your first few businesses and properties. Often, the next step will then be that of being self-employed. At this stage you still have the mindset of an employee, but at least you are working for yourself. You still don't trust people to do the things as well as you do it.

At each of the stages Bradley Sugars shares with you the likely views of money that you have at this point and how you can move forward from there. The third stage of being an entrepreneur is what he calls the manager. You still work very hard but are starting to trust and manage other people who do the work. During this important stage, you learn about how systems work and how to set them up.

The next stage is that of owner/leader. This is the stage where you start to let go of the need to feel wanted. You don't 'have' to be involved in the day to day running of the business. It allows you to think more strategically and set the vision for your team. At this point you are almost retired and receiving a passive income - what the goal of almost any business should be.

As your business starts building and you build more capital from the profit of your business, you start thinking about investing it. That is the next stage, that of an investor. By now you are removed from the day-to-day running of the business so you start to look at balance sheets and income statements to evaluate businesses as investments. You look for opportunities in a business that have been performing poorly and from your experience you know where it can be improved and turned around. Its a situation where you buy, improve and sell business.

The final level, according to him, is that of the Entrepreneur (after all, so far you were only a billionaire in 'training' :) ). At this level you raise capital and play at being a capitalist. You get other people to invest their capital in your ideas through franchises, patents, licenses, royalties and shares.

After sharing these levels of entrepreneurship and business building, he shares his guidelines for starting and prospering in business.

• First you'll have to find the business to buy or start.
• Then you need to raise or find the capital to buy it.
• Then comes running the business, and for this he gives seven rules that define a good purchase:
  1. A business that survives despite itself (it makes money despite poor service/dirty shop...);
  2. Cash flow not assets (cash return not just equipment);
  3. Low skills and staple product/service (easy to replace and necessary);
  4. Bad sales and marketing (As it is easy to improve);
  5. Hire a great jockey (hire someone that knows the business/industry);
  6. High upside (loads of room for improvement);
  7. Great deal (remember you make your money when you buy - don't get emotional)
• And once this newly bought business has turned around and become super profitable, it is then when you sell it as a sanitized investment to other people (as a multiple of the new and improved cash flow).

And this is his ultimate way of becoming a billionaire - sell shares in your business to other investors (on an exchange). After you read that, the last step is to take action. Go out and do it!

If you fancy yourself as an entrepreneur and would like to make your wealth through buying, owning, running and selling a profitable business, this book, Billionaire in Training, is the book for you.

Get Billionaire in Training at Amazon.