Top Planning Secrets of Million Dollar Entrepreneurs – Part 1
June 7, 2009 at 9:46 pm kathykormanfrey 9 comments
This is the first part in a series on business planning exercises for entrepreneurs. The exercises shared in this series represent an exclusive look inside the elite entrepreneurial group EO (formerly known as YEO – Young Entrepreneurs Organization). EO members must have businesses with a minimum of $1,000,000 in revenues. Below is what EO members recently learned during an Executive Management Program in Boston, MA.
Caveat: The following is a cursory overview ONLY. To experience the depth and detail of these business gurus’ publications and workshops, you must contact:
Planning Secrets of Million Dollar Entrepreneurs 1: Cameron Herold
Planning Secrets of Million Dollar Entrepreneurs 2: Verne Harnish
Planning Secrets of Million Dollar Entrepreneurs 3: Kaihan Krippendorf
Planning Part 1: Develop and Share Your Vision
Cameron Herold, former COO of 1800GotJunk, spoke to EO Executive Management Program members about the first step of planning. This step is called the “Painted Picture” in which you visualize the future of your business and communicate it to employees.
Committing an idea to paper it is not new in corporate or leadership training. However, 1-800-Got-Junk successfully branded the concept and infused their corporate culture with it. That is what makes it different…not the tool itself, but the manner in which is was implemented. This is a key leadership lesson for all future entrepreneurs and CEOs looking to lead.
Cameron counsels: Show an example, Share it.
Remember: It is about the idea. It is not about “how.”
Example: The “can you imagine wall” at 1800GotJunk where staff wrote creative ideas and dreams for the business.
Example: Here is Cameron Herold’s painted picture.
Suggested Exercises:
1. Kick off a discussion about the “Painted Picture” by asking the class/yourself “Where do I want to be in three to five years?” Visualize it without constraints or “what ifs.” Is it an image of you in the future, your company in the future, your family? Allow the vision to be narrow or broad.
2. Using Cameron Herold’s painted picture as a template, develop a personal or company painted picture.
Extra: Develop a PowerPoint. Great examples of sharing a vision here (www.Grasshopper.com). Educators and students using the free Entrepreneur in the Classroom (EITC) curriculum will have already seen this in Module 1.
Extra: Engage in a “Mind Mapping” exercise in which students/entrepreneurs develop business concepts around an area of interest. Sign up for the free Entrepreneur in the Classroom (EITC) curriculum and see Module 2.
Stay tuned for the next in our series on Top Planning Secrets of Million Dollar Entrepreneurs.
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More information
Know a Young Entrepreneur? Nominate them here.
The NFIB Young Entrepreneur Foundation is a 501(c)(3) organization promoting the importance of small business and free enterprise to the nation’s youth. More information is available at www.NFIB.com/YEF. The Foundation is associated with the National Federation of Independent Business; NFIB is the nation’s leading small business association, with offices in Washington, D.C. and all 50 state capitals.
Entrepreneur In The Classroom. The NFIB Young Entrepreneur Foundation Entrepreneur-in-the-Classroom (EITC) supplemental curriculum exposes students to entrepreneurship and the necessary steps to take an idea and turn it into a business. The free curriculum can be integrated into classes teaching a variety of subjects including music, art, fashion, business and many more. You must be registered to view the full Entrepreneur-in-the-Classroom curriculum.
Related links:
Follow NFIB Young Entrepreneur Foundation on Twitter
Follow NFIB on Twitter
Follow blog author Kathy Korman Frey on Twitter
Entry filed under: Business Planning, Free, Uncategorized. Tags: 1800GotJunk, cameron herald, cameron herold, Entrepreneurs Organization, EO, painted picture, vision, YEO.
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1. Kegan Blumenthal | June 9, 2009 at 7:14 pm
Ben Weissenstein one of the most up and coming entrepreneurs in the country. He’s 19 and already been featured on Dr. Phil and Entrepreneur Magazine for his company: Grand Slam Garage Sales and is about to get much more national press and possibly even a reality show. PLEASE SUBSCRIBE TO BEN’S CHANNEL benceogs90 AND FOLLOW HIM ON TWITTER AT http://www.twitter.com/benweissenstein.
2. Top Planning Secrets of Million Dollar Entrepreneurs – Part 2 « NFIB Young Entrepreneur Foundation Blog | June 20, 2009 at 11:45 am
[…] 2: After completing the Painted Picture phase of planning, a strategic plan is next. There are two […]
3. Top Planning Secrets of Million Dollar Entrepreneurs – Part 3 « NFIB Young Entrepreneur Foundation Blog | August 3, 2009 at 11:21 am
[…] GO: After completing the Painted Picture phase of planning, and the Gazelle’s One Page Plan, you are ready for what has been referred to as the “Warrior […]
4. Your Vision Needs a Destination | Success Coaching for Men | January 26, 2010 at 12:53 pm
[…] Get more information about the ‘Painted Picture‘ concept here. […]
5. #46 – How to Build a Million Dollar Business Part Time | The Hot Mommas Project | November 19, 2011 at 6:37 pm
[…] your vision super clear to your team using a Painted Picture, and the action steps to carry it out, with […]
6. #46 – How to Build a Million Dollar Business Part Time « Hot Mommas® (blog) | November 19, 2011 at 6:39 pm
[…] your vision super clear to your team using a Painted Picture, and the action steps to carry it out, with […]
7. Best of Young Entrepreneur Foundation Blog – Part 1 « | May 1, 2012 at 1:50 pm
[…] Planning Secrets of Million Dollar Entrepreneurs 1: Cameron Herold […]
8. Entrepreneurship Overview 1: Painted Picture – Million Dollar Secrets of Entrepreneurs | Boss Academy | October 3, 2014 at 3:12 pm
[…] Planning Secrets of Million Dollar Entrepreneurs 1: Cameron Herold […]
9. Entrepreneurship Overview 1: One Page Plan – Million Dollar Secrets of Entrepreneurs | Boss Academy | October 3, 2014 at 3:34 pm
[…] DREAM. What is the vision of your company in the future? This is a similar line of thinking as the Painted Picture phase of planning described in the first post of this […]