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The Millionaire Next Door: Factor 6

By Thomas J. Stanley on Aug 11th, 2011 in Mentor's Corner

A registered nurse recently asked me where people in her profession ranked in their ability to transform income into wealth.  Highly compensated RNs are in the average range of productivity, ranking 88th among the 200 occupations studied. 


But her question reminded me of several case studies of  RNs who leveraged their rigorous training, extraordinary work ethic and considerable experience into a variety of lucrative businesses.  Plus, all of them ranked high on Factor 6, a key characteristic of the millionaire next door:


THEY ARE PROFICIENT IN TARGETING  MARKET OPPORTUNITIES


Kay, for example, was a surgical nurse for 9 years.  Then she took a job selling surgical equipment.  While in sales, Kay found that she spent a lot of time in one particular activity that was not part of her traditional job description.  She became an amatuer head hunter for hospitals and medical practices that were in need of physicians, nurses and medical technicians.  This “fringe benefit” provided for free to her many clients had much to do with Kay’s designation as a top producer. Eventually she recognized an opportunity to fill a market need.  Plus she had much goodwill and many contacts in the medical field.  Accordingly, as I wrote in The Millionaire Next Door:


Most successful business owners had some knowledge or experience with their chosen industry before they ever opened their own business. 


Kay left her sales job and began her own employment agency specializing in the medical field.  Much of her motivation to go out on her own was the need to be self employed. She had had high job satisfaction being a nurse, but she found that being self employed did not require any more hard work or responsibility than being an RN had. 


Other former RNs have also opted for self employment.  Among the types of businesses they chose are: management consulting-medical science administration, in home healthcare services, employment agencies for home healthcare professionals, owners/managers of nursing/rehabilitation facilities, owners/managers of mental health facilities, day care centers and preschool facilities.

One response to “The Millionaire Next Door: Factor 6”

  1. Kandi Ford says:

    I wonder where teachers rank in the same scenario (transforming income into wealth)

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