This Issue: When You Own a Business, You Own Your Life

An art teacher in Dallas got in huge trouble for taking her students on a field trip.

The veteran elementary school teacher took a group of 89 fifth-graders to the Dallas Museum of Art where they saw classical works of art including paintings, sculptures and statues. The problem was, however, some of them happened to be naked.

Apparently, at least one kid went home and told his or her parents about the nudity and the parents went crazy and called the school. Now teacher Sydney McGee probably won't have her contract renewed by the school board.

I'm not sure what these parents expected their children would see when they went to an art museum. It's not like they saw copies of Playboy magazine. These were great works of art done in good taste.

Sydney, I think you sound like a great teacher. Why don't you move to New York where you'd be appreciated?

Donald J. Trump, Chairman of Trump University, shares more of his philosophy and secrets for success in the blockbuster new book, Trump 101.

Several weeks ago I had a conversation with Larry Gessner, a very active member of the Trump University community.

Larry told me about an inspiring quote that he keeps posted on his office wall. It comes from a speech that Theodore Roosevelt gave in Paris on April 23, 1910. I'll share it with you in a moment, but before I do, I'd like to point out that if Roosevelt were around today, he would address comments like these to women as well as to men. Times have become less sexist, and I believe that Teddy would have changed too. But here's the quote:

"It is not the critic who counts: not the man who points out how the strong man stumbles or where the doer of deeds could have done better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself for a worthy cause; who, at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat." - Teddy Roosevelt

That is powerful stuff. I cannot think of another quote that so clearly describes what it takes to achieve a dream or how important it is to turn a deaf ear to people who tell you that you don't have what it takes to become successful.

We live in a world where too many "experts" focus on telling other people that they can't achieve their goals. I've heard those negative words as I've pursued my dreams, and I bet that you have too. Too many people are all too eager to tell us that we don't have the experience, the money, the connections or the know-how to create wealth for ourselves. The only piece of advice they have to give is, "Wait . . . wait . . . wait some more."

Of course, taking action offers no guarantee of success. But one thing is certain - not taking action ensures failure.

I believe that Trump University's philosophy falls pretty close to Teddy Roosevelt's. We're not here to tell you that you can't reach your dreams, we are here to tell you that you can. We're not here to dangle carrots on the ends of long sticks by telling you that you need to study for years and years until you earn the credentials you need to reach your goals. You can do it. You can get started today. You are in control of your life.

Maybe it's time to get outside your comfort zone, shake things up, and take that critical step toward a brighter, richer future.

Editor's note: Buying a business is one of the most effective, low-risk ways to become an independent entrepreneur. If you are ready to say goodbye to your boss and chart your own destiny, take a moment to review our self-instructional course, The Art of Buying a Business.

I have never seen an advertisement that said "Great Jobs for Sale," and I bet you haven't either.

But if someone offered to sell you a great job, for a reasonable price, wouldn't you say yes? Imagine receiving the additional job benefits of having a new job with a healthy income stream that would exceed your current salary. To make the deal even sweeter, it would be a job where you would personally receive 100 percent of the income that your ideas and work generated for the firm, not just a small percentage. And once you built the value and equity in your job, you could turn around and sell the job it to someone else and make a handsome profit.

You'd be crazy to turn down a deal like that, right? I'd be crazy too.

You are probably thinking I am in fantasy land. But I'm not. What I am really talking about here is buying your ideal job - a business of your own. If you buy the right business, you are really buying your next income stream and enjoying all the benefits I describe above. And many more too.

But before you buy your business, you have some homework to do:

• Identify where you can take the company. Can it serve as a platform for new growth as you introduce new products, new services, more aggressive marketing and sales? As I have written before on this blog, one of my Ten Commandments for Buying a Business is, "Pay for the past, consider the present, but buy for the future." The past financials about the company you are buying will help determine the purchase price, but they do not guarantee what the business will look like in the future. You must evaluate the business with utmost care to understand what it can provide you with after the purchase.
• Carefully evaluate the financials of the business you are considering. Kick the tires. Don't believe what you are told. Demand to see all the records.
• Verify and see for yourself. Remember that the friendly-looking owner will probably tell you an interesting tale about why the business is for sale. He's got another business that is so successful, he doesn't have time to run the one you are considering. Or she just lost interest. Such explanations don't hold up. If you were making a ton of money in a business, that would be interesting enough for you to hold on to it, right? Money is pretty interesting. Even if you disliked the business, you could hire other people to run it for you. So try to dig until you find out the real reason the business is for sale, such as a failed product or the arrival of new competitors in the marketplace. Or, as I prefer, the more realistic, and sometimes morbid reasons like retirement, death, and divorce. Once you pinpoint the reason, you need to consider whether it is a problem that you can overcome.
• Make sure that running the company will be a good fit for your skills, experience, interests and temperament. After you write the business plan, and you find you're not the right person to run this company, let someone else give it a try. After all, you're leaving your old job to enjoy a better life, right?

So, can you buy your next job? Will it be a great one? The answer to both those questions can be a resounding "yes!" If you're willing to create an exciting future where you are in control of your future, I urge you to take the next step by investigating my Trump University course, The Art of Buying a Business. You'll learn absolutely everything you need to know to buy the financial success you deserve!

Trump University Professor Richard Parker developed Trump University's self-paced multimedia home-study course, The Art of Buying a Business.