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August 2008

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How to
Discover Your
Million-Dollar Idea

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Question of
the Week

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4X Faster

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Pyramid or
Prison Decision

Financing, and
Operating Your
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Top 28
Small Business

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In the Media

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(How to Discover Your Million-Dollar Idea)
Learn More About BARON Business and Wealth Coaching
William R. Patterson
Wealth Coach
Best-selling Author
If you are thinking about starting a new business, your product and service offerings should incorporate at least one of the following four elements: something new; something better; something for an underserved or new market; or better integration of existing products and services. Without one or more of these four critical elements, your business will struggle and you will be unable to command premium pricing in the marketplace.

If after a period of research, you are still struggling to find a unique idea, don't try to reinvent the wheel. Find a concept that is working well in another market and bring it to yours or vice versa. Think nationally or internationally and create local partnerships. Once your company is established, use strong branding, increased integration, and top-tier strategic partnerships to fend off competition.

If you are considering joining a direct-sales company, purchasing a franchise or buying an existing business to build wealth, it is important that the company you choose provides the following: a clear business model for sustainable success; a recognizable brand; an existing customer base; an accurate estimate of the ongoing operating costs; comprehensive training; and strategic partnerships. Without these six key elements, you will exponentially increase your costs and chances for failure.

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With every good wish,
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D. Marques Patton
William R. Patterson

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Ask "The Baron" Question of The Week

Ask the Baron - Question of the Week
What is the best way to build a
million-dollar business?

— Shawn D.

Willliam R. Patterson says:

When you say a "million-dollar business," it is important to clarify whether you are talking about a million dollars in revenue, earnings, or owners' equity. They mean different things and can be achieved with different strategies.

Here are key points to keep in mind:

  1. From a planning standpoint, your business model and exit strategy are important factors that will determine the speed at which you can build your business.

    There are many entrepreneurs who are not looking to create sustainable businesses, only companies that they can eventually sell to larger players in the competitive space. This requires a different level of skill and planning than a sustainable business.

    It is also important to clearly define your exit strategy when you start your business, and whether you will "cash out" of that business by automating it, creating franchises, an acquisition, Direct Public Offering (DPO), Initial Public Offering (IPO), etc.

    One option for quickly creating a million-dollar business is to take your idea and develop it into a proven business model, then sell stock to accredited investors. This gets you to a million dollars in capitalization without necessarily having the revenue or earnings to support it. As you saw during the dotcom era, there were lots of businesses with billions of dollars in capitalization and little-to-no earnings. This is great for the founders and investment bankers, but does not mean much for new shareholders.

    It also becomes a lot quicker to get to a million dollars in capitalization, revenue, or earnings if you are doing large deals and selling high price, high margin products and services.

  2. From an operational standpoint, your management team, advisors, and strategic partners will be key.

    I should point out that it is one thing to build a million-dollar business, it is completely another to be able to sustain it, particularly in the face of competition. It also takes a different level of skill to run a million-dollar business, versus a ten million-dollar business. Most entrepreneurs we encounter are not prepared or equipped to grow the business beyond a certain point.

    When we do acquisitions, we often have to replace whole management teams, because the business has grown beyond their ability to manage and/or to make attractive to a large pool of investors.

    For the small entrepreneur, everything becomes a lot faster, easier, and more stable with the right mentors, advisors, and strategic partners. I often say, "most people are trying to do too much with too little knowledge. On top of that, they do not have a well thought-out business model or the right strategic partnerships in place."

Ultimately, business success revolves around four things:

  1. Developing a proven business model
  2. Recruiting experienced management
  3. Accessing capital
  4. Forming strategic partnerships
In THE BARON SOLUTION, we teach the 25 keys to building a successful business covering the following areas:
  • Business concept development
  • Forming entities and financing your business
  • Branding, marketing and selling effectively
  • Tapping into additional sources of revenue
  • Developing the proper exit strategy for you and your investors to "cash out" of the business

To reach any significant level of success, every small business owner should have a business coach to help them avoid many of the hurdles and pitfalls that exist and rapidly build the business with integrated turnkey solutions. We have invested hundreds of thousands of dollars and tens of thousands of hours to identify more than 100 ways to dramatically improve any business. Operating without this knowledge, puts a small business owner at an extreme disadvantage and in a position where the probability of failure is very high. Whether you are building a million-dollar business or a billion-dollar business, always leverage your time and money by using the knowledge of experts and models that work.

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Related Training:
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Learn the soft-skills, financial and business fundamentals that every entrepreneur must know to compete and run his or her business profitably.

Related Value Added Service:
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Leverage the breakthrough BARON model in order to generate highly effective, low-cost media exposure for your business, help successfully brand and launch new products and services, head off competition, improve operating cash flow, automate processes, grow profits, and create an exit strategy for your business.

Build Your Million-Dollar Business Four Times Faster with BARON Wealth Coaching

Wealth Coaching with The Baron

There is a better and faster way to reach your financial and business goals.

"With William as my wealth coach, in less than 16 months, I have generated more than $70,000 and developed the skills and confidence to realize greatness."
N. Kali Mincy
Washington, DC
"In our first 90-minute wealth coaching session, William helped me identify ten new streams of income that could triple my revenue in less than a year."
Merletta J. Martin
Merletta J. Martin Gallery

Seven Reasons More Entrepreneurs Choose
BARON Wealth & Business Coaching
  1. Delivers the most comprehensive, fully-integrated entrepreneurship training program in the industry.

  2. Increases your productivity while giving you more time off to spend with family and friends.

  3. The BARON integrated model offers you a higher return on investment and improved odds for long-term success compared to other entrepreneurship training programs.

  4. Provides you with a comprehensive sustaining support system which includes one-on-one guidance from industry experts and over 1,000 resources and accelerators.

  5. Saves you tens-of-thousands of dollars and hundreds of hours in research and implementation time.

  6. Provides you with cutting-edge strategies, best-practices taught by industry leaders, and highly-effective marketing systems to generate more sales and income.

  7. Equips you with the proper coaching, planning, training, tools, and partnerships to become more profitable, stable, and better manage growth.

BARON Wealth Coaching can help you quadruple the speed at which you reach your business and financial goals over planning yourself or other methods and programs.

Leverage #1 Wealth Coach William R. Patterson to help you quickly start or improve the profits of your small business.

Multiply your odds for success with the proper coaching, planning, training, tools, and partnerships.

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Title: The Pyramid or Prison Decision

Length: 2:14 Minutes

Finding the Right Business Partners
Short Description:
Each action is the brick that builds your pyramid of freedom or your prison of struggle. Ultimately, financial success is about properly learning to use leverage and managing the risk associated with it.

Wealth Coach William R. Patterson - The Baron Solution MinuteListen Now!

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BARON Young Millionaires and
Producers Program

BARON Young Millionaires and Producers Program

Wealth Coach William R. Patterson (CEO of The Baron Solution Group) and Earl Christian III (Executive Producer of The Urban Wall Street Project) have joined forces to create the BARON Young Millionaires and Producers Program. The program teaches an integrated suite of entrepreneurship, personal finance, and film production skills to students of all ages to help them to become the next generation of young millionaires.

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Resource of the Week

Starting, Financing, and Profitably Operating
Your Small Business

Looking for new business ideas, financing, or legal help? Start your research in The Baron Series Resources area.

You will discover:

Related Training:
How to Start & Run Your Business the Right Way
Save tens-of-thousands of dollars and hundreds of hours by mastering the skills necessary to create a profitable and sustainable business.

Easy, low cost incorporations. Click Here.

Immediately Increase Your Cash Flow with a
Small or Home Based Business

Immediately Increase Your Cash Flow with a Small or Home Based Business

Starting a small or home
based business is a great
way to immediately increase
your cash flow and begin
building wealth.

Find the Best 28 Low Cost Businesses to Start Now!

Gain Your Financial Independence
with a Small Business Today

Top 28 Low-Cost Small Business Ideas
If you are struggling to find a unique business idea, don't try to reinvent the wheel. Use BARON Business Coaching and these twenty-eight top-selling business startup guides to help you get started immediately. These powerful resources will provide you with everything you need to begin building your million-dollar business.

Boost Your Confidence and Quickly
Improve Your Relationship with Money

The Baron Son is a revealing story designed as the ethical road map to wealth, power, and success. A legend from centuries past, it is the tale of a young boy who loses everything and through struggle finds the secret to become the richest, most powerful person the world has ever known.

Order the book that is changing lives around the world and give the gift of knowledge to family and friends.

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In the Media

William R. Patterson Nominated for Top 100 MBE Award!
William R. Patterson in the Media William R. Patterson Nominated for Top 100 MBE Award.
"We are just glad to be able to help people," Patterson says. "We work so hard at what we do, because of our passion to help people transform their lives."

NATIONWIDE - August 15th
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Upcoming Events

Upcoming Events with William R. Patterson

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CHARLOTTE, NC - September 19-20th
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Saturday, 10:00 AM - 3:00 PM EDT
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Congressional Black Caucus Foundation
2008 Annual Legislative Conference
Financial Literacy:
Smart Money Solutions for Emerging Leaders

Friday, 1:00 - 3:00 PM EDT
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