Tweet

Rags to Riches…Anecdotally Speaking

Written by: Donovan Wadholm

Article Overview: I love listening to a good story...especially ones about entrepreneurs and their path to eventual success. The woman or man who turned nothing into something, who did it quickly, and without the help of others, AKA the "rags to riches" story. I think there is a yearning in every entrepreneur who hears these stories to identify with the subject and imagine how it could happen to them. Like there is some magic formula to success, and if we could just do this one or two things...our business would take off, our work load would ease up and we would start living the good life we deserve.

Rags to Riches…Anecdotally Speaking

I lovelistening toagood story...especially ones aboutentrepreneurs and their path to eventual success. The woman or man who turned nothing into something, whodid itquickly, andwithout the help of others,AKA the "rags to riches" story.

I think there is a yearning in every entrepreneur who hears these stories to identify with the subject and imagine how it could happen to them. Like there is some magic formula to success, and if we could just do this one or two things...our business would take off, our work load would ease up and we would start living the good life we deserve.

There is a video on YouTube of famed story teller Ira Glass, host of This American Life,explaining what makes a good story. According to Glass the first characteristic is (paraphrasing here) an anecdotal storyline; a sequence of events that leads to a destination,creating questions andsuspense along the way. Thesecond characteristic is a moment of reflection or "ah ha" moment.

This formula, or at least the first characteristic is used in most "rags to riches" story. The second characteristic is usually more illusive. For example, in the August issue of Inc. Magazine the cover story proclaims "Think Rich and Never Give Up" subtitled "How Joe Cirulli turned his last 12 cents into a $17 million company".

Clearly this cover blurbis targeted at selling magazines.But, one could imagine an enterprising entrepreneur walking by a newsstand, catching a glimpse of the titleaccompanied by acover shot of an average looking Joe Cirulli and thinking: "Hey! I can do that...I have 12 cents in my pocket and I certainly know how to think rich. Where do I sign up?"

Unfortunately, unless you are at Barnes & Noble where freeloaders religiously read books and other publications free of charge in the store, you may have to spend you last 12 cents and beg for another $4.87 to find out. But I digress...the article entitled "The Believer",also points to the books "The Power of Positive Thinking"by Norman VincentPeale and "Think and Grow Rich" by Napoleon Hillas a contributing factor of his success.

As it turns out, (and as you might suspect) the 12 centsand the bookswere inconsequential to the success of Joe Cirulli and hisGainesville fitness center.According to the article, it wasa few yearsafter he was down tohis last 12 cents thathe happened upon on opportunity to purchase a local health club, who's alcoholic owner was getting divorced and facing bankruptcy. Then, onlythrough the power of persuasion he convinced gun shy bankers not to foreclose on the business (and I guess assume the loan being foreclosed on although it is not expressly stated in the article), finds a new location on a deadline, begs people for personal loans, only partially completes fit-up on a property that fails inspection, opens anyway and finishes it over the next six months without incident or interference from the local city inspector. Once up and running, his passion for fitness and customer service grows the business into a successful operation...over years.

But I guess the subtitle "How Joe Cirulliused perseverance and persuasion to build a $17 Million Company over several years" doesn't sound as captivating because it sounds like work. My hunch is if you asked Joe...hard work would be on the top of his list of what made him and his company's successful.

I am not picking on Inc magazine. They are no better or worse in this regard than any other publication on entrepreneurship. In fact, just months before I remember reading an article on the true costs of building a multi-million dollar company, like lack of social life, free time, not seeing your kids grow up, poor marital relationships, etc. etc.

I am, howeverpicking on entrepreneurs who are looking for something for nothing.So, lately Ihave beenwondering: Do anecdotes help others become successful? Or, are they just entertainment and should be taken as such? Are they good for people or do they build false hope? I would like to know your thoughts.

In the mean time I have another anecdote for you: A local entrepreneur has a great idea for a new businessshe is passionate about. After learning the bank won't lend her the money to get it started,she cashes out her retirement and hits up friends and family for money. Starting the business on a shoe string she runsout ofcash after about 12 months. Because she has notreceived a paycheck to date, her personal credit suffers but she scrapes it together and pays bills when she can (mostly out of the business account). After two years she scratches out a living that when calculated per hour amounts to slightly over minimum wage. After five years that living grows to a comfortable level. She never makes millions but sheis proud of having built a business thatprovides for her family and puts equity on her personal balance sheet.

Good Luck

Mr. BizPlan

Related Articles
  MLM rags to riches in a downward economy
  From Rags to Riches with Online Self Employed Business Opportunities
  “How to Overcome Public Speaking Fears – Ten Strategic Tips From Your Strategic Thinking Business Coach”
  Why Do We Fear Public Speaking?
  Start Public Speaking

Article Tags: amp, barnes, entrepreneur, glimpse, ira glass, ira glass host, joe cirulli, magazines, magic formula, nbsp, newsstand, rags to riches, rags to riches story, reflection, sequence of events, story teller, suspense, this american life, what makes a good story, youtube



Related Forum Posts
Re: Good day everyone! New here. - I feel you're on the right track Calflowers, there's a great group here, very helpful and engaging. Speaking of, is there anything we can do to help? What's your business? What are your main desires for it?
Re: 15 Ways You Can Look Amazing on LinkedIn - Speaking of LinkedIn... How about we all help each other out by giving each other recommendations on there? If any of the moderators or proven members (Evan, GT, David, Michelle, Mal, Alan, etc...) want a recommendation I will be happy to give one. I don't expect one in return but I would appreciate it.
Re: A new post record for me! - Speaking of posting records it looks like David is also about to set one - he's close to 1,500 total posts and becoming 3rd overall on the list of all time posters! Only 14 to go David!
Public Speaking and Presentations - Hi all, I am a local business women who does not travel...but would love to be a resource for anyone needing help or suggestions on speaking/presentations and just plain old communications on the platform and off...I've recently had some training by two former World Champs of Public Speaking...It was the best weekend of my career life. Annette
Re: Social Media & Digg, Google, MySpace, and YouTube - Ahh yes, Squidoo is amazing as well. I need to spend more time on there as I have procrastinated with my lenses. There is much to do on my "to do list." So much work, so little time. Speaking of StumbleUpon, would anyone be interested in doing a Stumble exchange? It would be beneficial for both of us. Alan


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Tweet

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Fighting the Saw-Tooth Affect

Resistance to Change and How to Deal With It

What Is The Foundation for Your Vision?

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.