Below you can read a real story of Michael Herskowitz written from his words about earning money and loosing money.
I‘ve earned and lost a million, and so on several times. I’ve done it more than once, and maybe it’s luck — maybe not. I can tell you every time I’ve gone from zero to a million, – says Michael Herskowitz
Four times Michael Herskowitz started with zero capital and was able to earn a million.
Useful strong habits
Michael Herskowitz claims that these are some important habits that have had a strong impact on his life.
1. Have a good flair
Michael Herskowitz had a feeling many years ago that soon every company will need a website. It is about times when the Internet was nor everywhere. Yes, yes. There were such times!
He had no business experience at that time, he was just in the 1st course of the University. But as a child, he studied the biographies of many businessmen: Rockefeller, Howard Hughes, Carl Aikan, Andrew Carnegie and so on.
But the biography is just a guide. You need personal experience.
But even if you have NO experience at ALL, it is enough to have a good vision of the near and distant future to earn a million dollars.
Where does this vision come from?
Every day, write down ten ideas about what might happen in the future.
Listen to your feelings: what seems to be the most real? What can you learn from this? What can be improved?
It is necessary to be sure that your vision is not invented dreams. It is important for Michael Herskowitz to leave the house, look at what is happening around and get confirmation that he is not mistaken.
2. Communicate with people 24 hours a day
Michael Herskowitz told everyone he knew they needed a website. Small restaurants, billionaire companies, artists, shops, writers, friends.
He liked looking at well-made websites. When he first got on the Internet, there were only a few dozen. He made my own website and posted a story of his own composition on it.
What an incredible event it was for Michael Herskowitz when someone from Sweden wrote to him that he liked the story. Michael Herskowitz felt connected to the big world.
And then a big Logistic Company, which paid $275,000. After them a big AviaCompany and $250 000. And so on.
3. Study everything – Michael Herskowitz’s favourite
Then there were no books about the Internet or creating websites. It took Michael Herskowitz a long time to learn the basics.
Michael Herskowitz learned how to create websites by reading the source code of the first web server created by Tim Berners-Lee. He learned all about the intricacies of the protocols. He learned how GIF works and how to compress files, how to process credit cards and how to compress video and convert it to a unified format. And so on.
4. Enter the “group” like Michael Herskowitz
Michael Herskowitz talked to other people who knew how to create websites. Michael Herskowitz met every company in the industry. There were four or five of them in New York at that time.
He had lunch with his competitors. He dined with them. Also, he attended their charity events. They exchanged observations. Michael Herskowitz respected them because he felt they had something special in common.
When you work in a field with a global vision (today it’s virtual reality, the Internet of things, genomics, etc.) there is no such thing as “competition”. The best players in this field share their experience and work together.
Michael Herskowitz offered hosting to other companies. Or offered to divide the work in some direction. After he sold his company and acquired the companies of his friends. And so on.
The most important thing was to learn. We created what we thought was important. We have created a commercial worldwide network.
Michael Herskowitz still communicates with these people.
NEVER forget that the world is small and the best people (your “environment”) in the end will not be competitors, and colleagues.
5. Don’t leave your constant job until you’re sure
Michael Herskowitz stayed at his job for eighteen months before fully devoting himself to his company. By that time he already had a dozen employees, but he did not want to risk and live only on the profits that the company brought.
Otherwise I’d be panicking all the time
Michael Herskowitz also protected himself from the risk at the expense of a large client base. And they sold more than one service. They offered software, design, consulting, marketing and other products and services.
They are constantly working with new ideas for new projects. Michael Herskowitz considered the possibility of creating a record company, a tea company and so on.
Millionaires are not at risk. Lottery tickets are bought by those who do not have a million.
6. Build a reliable team
Michael Herskowitz’s sister became his business partner. He trusted her and loved her.
Michael Herskowitz loved his employees. They got along like a family. Twenty years later, they’re still getting together as an old team, and they’re still like family.
Cooperation with those who were unpleasant to them, created tension. They tried to get out of the relationship or to keep contact to a minimum. This is important.
Most people don’t understand one important thing: at least 50% of your time is spent talking about people — partners, competitors, employees, shareholders, customers, etc.
The remaining 50% of the time goes to work.
But if you work with bad people, talking about them will take 90% of your time.
So don’t do that.
7. Promise more. And do more.
I am criticized for saying “promise too much”. They say that promising too much is the same as lying. But that’s not true for me, -says Michael Herskowitz
He believes so strongly in what he is offering that he is happy to promise more to make a deal. Michael Herskowitz likes to set a task that his competitors do not want to set for themselves. Moreover, he likes to do more than promised and make customers happy, even if it means he has to work all night long to the limit.
This is only possible when you really like what you are doing. BUT IT WORKS, AND HOW.
One who promises too much or does more than is expected of him will always outwit one who is careful in words or does no more than he has promised.
8. Reduce your prices – jocker of Michael Herskowitz
Michael Herskowitz always took less than competitors. It was more important for him to get back together.
He has always wanted to do cool things. If a big film company or famous cosmetics brand wanted a site, Michael Herskowitz was almost ready to do it for free.
He knew it would be an interesting and creative task for him and his employees, and the site they would make would be interesting and good enough to attract higher paying customers.
Money is just a side effect of your vision.
9. Make your stuff happy
Michael Herskowitz wanted a few things from his staff. And all this was and remains important for him:
1) He had a dream that all employees would come home from work every day, call their mothers and say: “You have no idea what a great day I had!»
2) Michael Herskowitz wanted all employees to work as well as possible.
In order not to worry about the quality of their work, he had to ask them what they wanted to do — and give them the opportunity to express themselves in this.
People are excited when they do something that makes their hearts warm. Michael Herskowitz likes to be the match that lights the fire in their hearts.
If Michael Herskowitz had to worry too much about what a particular employee was doing, it was usually not a good employee. Or he was not interested in working with Michael.
3) Every employee should see the way to success.
Employees are not hammers. You pick up the hammer when you need to hammer in the nail, and put it back when you’re done.
You need tools to help you complete tasks. But in relation to the employer and employee, it works in the opposite direction.
They’re here to help me. But I, in turn, can help them, – says Michael Herskowitz
Almost all of Michael’s best colleagues started their own business, or got the title of Professor, or opened a restaurant, etc.
His best employees at the same time as Michael realized their way to success. A year later, Michael Herskowitz ran into a man who used to work for him. Now he himself employs more than 200 people.
Instead of conclusion
Michael Herskowitz recommends:
(A) Three money management skills
Earn money, keep money and increase the amount of money.
B) Ability to cope with burnout
Business is not easy. You are busy with it 24 hours a day and can not leave it at work. It’s constant stress.
You have to understand it to cope with it every day and be ready for it.
C) Business savvy
Michael Herskowitz had the knowledge, tools and ideas to create any product.
Many of the products he has thought about, and even those he has created himself, now allow billions of other people me to make money.
Money is for the stomach. Passion in heart. Money must remain a side effect of passion and intelligence.
Michael Herskowitz was excited about the Internet. He liked to create in it and he liked the idea. That is the key to success.