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Topic for
Discussion: Why is Darlene Jeter one of the wealthiest self-made women in
Boston?
Answer:
Because she owns trucks and other heavy equipment. These are hard assets. Just
changing the tires on one of the big roll off trucks costs $10,000. Well-run
"dirty" businesses make plenty of profits while the sweetly stocked gift shop
struggles to eke out a living for its owner. In his book, The Millionaire
Woman Next Door, Tom Stanley says it takes $16.25 in sales to make a dollar
of profit out of a retail store. He notes that one dollar of profit can be made
in construction from just $5.45 in sales.
While doctors,
dentists and various types of professionals doing consulting type work make
decent profits on sales, these kinds of companies are dependent upon the
knowledge worker. Often they are dependent upon the talent of the founder. We
want to encourage women to go into the types of businesses that will give them
the best chance to build something substantial. We want to see women in
businesses that will make it through the test of time and that will make them
wealthy in ten to twenty years.
Darlene is
surrounded by heavy metal and she is not afraid to buy more. When a customer
asked her to do a big job, she had to go out and buy a new truck. The sticker
price didn't put her off because she knew her company could deliver the
promised service and that she could win more customers to make profitable use
of the new equipment.
You think about
it: Does a business owner have to know how to do the things their employees
are doing? What "dirty" businesses could a woman clean up in?
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