You Can Get Good Advice From Professionals and Everyone Else

You may be excused if you have not heard of Dan and Frank Carney.  The brothers, Wichita State students at the time, opened the first Pizza Hut restaurant in 1958.  They did it with a $600 loan from their mother and the advice of a real estate professional who had a hard to rent property near the university.  The brothers knew little about pizza, other than how to eat it.  They knew less about business.  With hard work and a willingness to learn they made it a success.  Their first franchised operation opened a year later.

They sold their invention to Pepsico in 1977 for $300,000,000.  At the time, a lot of money.

800px-FirstPizzaHutThis picture of their first location taken in 2004 is from Wikipedia.

It is safe to say that Pizza Hut did not become a great brand because a real estate sales professional showed the brothers the opportunity, but it is also safe to say that they likely would not have found the opportunity on their own.

There are few businesses that became great because of the isolated work of a single person.  All of us rely on others for ideas, some unique, others infilling ideas we already possess.  Help with development, counseling when things are difficult, and calm when things are exciting are often required. 

We can each contribute some but not all the essentials to build financial success.  Financial success may come by means of a great business, a wonderful portfolio, or a superior career.  None are accidents.

Be aware of your advisors.  Teachers, doctors, lawyers, investment advisors, insurance advisors, friends, priests, ministers, parents, children, essentially everyone.  Each knows something you do not.  Each will tell you if you listen.

It is unusual for people to learn the things they need to know in the order they need to know them.  Quantum Theory was more or less understood a decade before the math that could describe it became available.  For most people, experience teaches valuable lessons, slightly after it would have been good to know them.  Better someone rose’s experience. 

Someone will tell you something that may resonate years later and be the key piece you have been missing.  It may be some innocuous fact or concept that completes your unfinished vision.  You will know it when it fits.

Pay attention.  Even things you learn in high school can matter.  Steve Jobs calligraphy course lead him to use many fonts in the Apple II.  Up until then, computers tended to use just two or three.  Fonts do not make a better computer, but they attracted attention.

Big ideas are frameworks.  It is the small details that make them exciting enough to draw customers.  People explain their new product finds with detail not concept.  If you want your idea to virile, give them something to talk about and in many cases, it will be something you learned from someone else.

Listen and learn.

Don Shaughnessy arranges life insurance for people who understand the value of a life insured estate. He can be reached at The Protectors Group, a large insurance, employee benefits, and investment agency in Peterborough, Ontario.  In previous careers, he has been a partner in a large international public accounting firm, CEO of a software start-up, a partner in an energy management system importer, and briefly in the restaurant business.

Please be in touch if I can help you.  don@moneyfyi.com  866-285-7772

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