Your first Million by Dan Pena

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Your first Million by Dan Pena

Posted on February 25, 2016June 30, 2016 by fabianilmberger

Here are my notes on the book “Your first Million” by Dan Pena, the problem with this book
is that its not really available anywhere to buy, you have to ask the staff of Dan Pena about the
ebook version of the book to get it.

“Make every decision as if it’s your drop-dead final word on the matter. “

Make the sacrifices… Take massive Action ….Take risks… Don’t fear failure … Listen
to your intuition … Avoid conventional wisdom… Ignore what others think… and never
look back.

“Find an industry in chaos, go in and bring order, emerge with a company that provides
leadership… and you will make a lot of money!”

“I may be wrong but I’m never in doubt.”

“The quickest way to begin your quest for super success is to take action. Make a decision
you’ve been putting off. Don’t let it ride another day”

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Your first Million by Dan Pena

“You can expand your comfort zone by pushing its limits, by having experiences beyond its
perimeter.”

Prepare for success by looking like one. Dress for success.

But beyond thinking about it you must visualize the details of your future ~ not just
the generalities.

● Dream about it visualize every aspect of every deal you do, see yourself doing it.
● Learn to think and act like the high-performance person you’ll become, so you’ll be
ready.
● Act as if there are no limits to your abilities.
● Enthusiasm is essential !!

You need to get out of your comfort zone there aint an other way to success.

Mentors:
Most high people have never been asked, they would mostly gladly help you.

● We should share a common interest! Out of the business world.

Summary:
get comfortable with super success before you achieve it, by practicing to expand your
comfort zone. Clarify your vision, without focusing on how you’ll bring that vision to
reality. Instead, focus on the details of how that reality will look and feel. As a step toward
clarification, write down your vision and carry it with you, so that it becomes part of your
being.

Build your own team of advisors

“Your board ideally should include a financial person, an accounting specialist, and one or two

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Your first Million by Dan Pena

other individuals who have already achieved what you’re trying to achieve in your field of
endeavor, particularly in growing a company geometrically through acquisition.”

Negotiation:

1. Wear a suit
2. Do it under your roof
3. Draw the contact yourself
4. Nobody leaves until the deal is done
5. All decision makers need to be present.

Dont be afraid to leave the table if need be.

Bankers go with them out for a dinner they value relationships more than blank facts.

What to ask every banker:

1. What is your personal lending limit?

2. Secured and unsecured?
3. Who do I have to go to for an approval on the next level of financing?
4. Is your bank presently in a lending mode, or in a downsizing mode?
5. What was the last deal your bank turned down?And Why?
6. What type of ventures do you like to make loans on?
7. What is your bank’s policy on “asset lending (loan depends on my current assets”) versus
“cash flow lending
8. Could you give me some recent examples of companies for which your bank has approved
business loans?
9. Do you anticipate any conflict with your present clientel in handling my banking business?

Do the business plan exactly how they want them. Tell them about your business and its
potential.

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Your first Million by Dan Pena

“So how do you overcome fear of rejection or fear of presentations? Practice. You at some
point need to make presentations anyway so practice it.”

Buying a business:

What kind of Business to buy?

1. Stick to what you know

2. Something you like doing
3. A industry big enough for expansion
4. Margins of 20-40%

“If you arent prepared to die for your dreams, you aren’t prepared to live for them. “

Revenue:
You want a company which has shown increasing profits over at least the past three years.
Look for a trend, rather than a sudden spurt of profit growth.

“A good rule to remember is that if cash flow will not service the debt, you’re paying too
much!”

Never apply short-term solutions to long-term problems.

Take actions that assume you are successful. Act as if there are no limits to your abilities.
Put yourself in risky situations and work your way out. Build your confidence. Expand
your comfort zone. And all the time, visualize your dream down to tire smallest detail.

Action really is the key to making it big in this world littered with lay-abouts and
armchair dreamers. Anyone can say they want super-success. Anyone can set goals for

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 Your first Million by Dan Pena

super~success. Anyone can dream of super-success. But the rewards come only to those
who actually DO SOMETHING, not talk about doing something.

Fantastic book sadly it is out of print and very hard to get.

Posted in Book Notes, Finance, Personal Development, Success Tagged Bankers, Book
Summary, Make Money, Money

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