Cory Layne East Millinocket, ME, United States
Interesting chapter. The contrast between generalized and specialized knowlege was not lost on me. I'm a generalist. I know a lot of stuff about mzny subjects that have been of absolutely no use to me in acquiring financial wealth. But I specialized in accounting and kept my skills honed over the past 40 years through continuing education classes and self-education. Just keeping up with the constantlly changing tax laws, FASB, and GAAP rules is almost a full-time job. As an accountant, CPA, and corporate controller, I was instrumental in helping several business owners become millionaires (two of them many times over).
Meanwhile, I collected a "decent" salary, lived frugally and saved much of it; but when it came to investing it to make more money, I sucked. My timing was always off, usually too late in and too late out. Bought near the high and sold on the down side. Not the right way to make money investing in stocks or real estate.
After years of watching my employers grow wealthy, sell their businesses and retire to enjoy the good life, I decided to try that myself. In one business after another over the past 30 years, I kept detailed books, but couldn't get the bottom line to show a profit. A generalist makes a lousy businessman, and my one specialty is an overhead expense for all companies, including my own, not a profit center. I lacked the essential skills (specialized knowledge) of marketing and sales, without which no business can succeed. I hired people who claimed they were excellent salespeople, but for some reason, they weren't able to prove it with my products. So I'd shut down the business or sell it at a loss and go back to work for another entrepreneur.
I repeated that process several times, each time thinking that I had a great product and a huge market, but each time (but two) I failed. Everybody got paid but me. My vendors, employees, and local government got paid while I slipped further into debt, barely able to cover my overhead, but with little or nothing left over. And I was too proud (or too dumb) to ask a successful business owner for help. And the mentoring I did purchase was inadequate at best.
Looking back, I should have developed a Mastermind group with more successful people who could have mentored me in exchange for my tax and cash flow advice. Isn't hindsight brilliant? It knows all the answers. ;0)
Thankfully, I've finanally found Mentoring for Free and am learning everything I did wrong and how to correct it. I'm not quite confident that I can succeed in network marketing, but I'm going to give it my best shot, letting Michael Dlouhy, Bob Shoaf, and others believe in me until I can believe in myself again.
Joy and abundance,
East Millinocket, Maine, America