“Going into business for yourself, becoming an entrepreneur, is the modern-day equivalent of pioneering on the old frontier.” — Paula Nelson
First, let’s take a look at the skills that are most often associated with entrepreneurs. Entrepreneurs are admired, and rightly so, for their ability to shoulder risk and take action, to follow through on their visions, to be passionate and driven, and have endless numbers of new ideas. All of these talents and skills can lead to great success and are much to be admired. (But remember, these skills are only half of the equation for success.) Dave Ramsey is a great example of these qualities.
But you might not have known this… He began as a real estate investor who started from nothing and at the age of 26 had over $4 million in real estate with over $1 million net worth. He had an empire consisting of hundreds of rental units. But he also had too much debt. As sometimes happens, his primary lender was sold to another bank, and that bank decided to call in all his notes at once. Dave Ramsey spent the next 2 1/2 years losing everything.
As he describes in his book about leadership called EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches, at 26 he had a new baby, a toddler, a shaky marriage, a bankruptcy, and multiple foreclosures. In his own words he was” broke” and “broken”. Ramsey really learned his lessons the hard way.
Dave Ramsey came back to become a multimillionaire. He had taken an honest look the reasons for his failure and combined the entrepreneurial strengths of a visionary/action taker with leadership/managerial skills and strategic thought and practices.
Next Up: RISK TAKER/MAVERICK