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Mary Wells | 03/24/2008 1:06 pm

How to Become A Millionaire ... If You Aren't Born Rich

Mary Wells

The general rule is that you have to build a valuable business and sell it. It is very hard to become a millionaire, let alone a billionaire, working for someone else. You can be unusually talented, work your head off, do everything right, earn an impressive salary decorated with stock options and have the shock one day of seeing the people who own control of your company sell it and walk off with the big money.

I worked for many others and had those disappointments. Then I built my own company and when I sold it I made my own sweet fortune. I wrote a book all about that called A Big Life (In Advertising). Read it, because if I could do it, you may be able to do it – if you want to badly enough – if you are hungry – and if you have talent in your field.

It wasn’t easy to do. It was very hard to do. It will be very hard for you to do because you have to become conspicuously valuable. There are times when you have to do so much more than just be better than anyone else in the world at your job! You have to understand your business in your very bones – you have to know everything that impacts it – you have to be aware of the world that you and your business are operating in, so that you are ready for any little miracle opportunity that may come along.

Miracle opportunities are odd and can require knowledge you can only have if you have worked hard to learn a little bit about almost everything. Out of the blue someone who could be instrumental to your future and your chance to start your own business may ask you what you think of the way Peter Gelb is handling the Met, or what you think of recent art prices, or your opinion about alternate fuels, and they will want to know what you think. You will want this person to see you as an informed, aware and fully alive executive – as someone who is much more than merely very good at your job in your field.

Once you have your own business, the day will come when you will need to discuss it intelligently to a Wall Street Journal reporter or to Larry King. Start becoming the person who can do all those things and much more now. If you are hungry – stretch – devote yourself to yourself for a while until you are on a new level. If it sounds easy, it isn’t easy. It takes time and energy and focus away from your children, your husband, your lovers.

It is good to start thinking of yourself as an artist, even if you don’t know what sort of artist you are and even if your job entails more serving coffee than creativity. All artists are self taught, in any field, and it takes a bit of hallucination to climb the steep ladder you will have to climb to become the valuable person you want to become – as rich as you want to become. At times, you have to be superhuman. Creating a new you is, in fact, a creative and artistic event.

A lot of people are very good at their jobs. Being very good at your present job is not nearly enough. You have to be unique, to stand out.

You need time – you need help – you need to know the resources available to you in the city, the state, the country. You need collaborators. You will meet thrillingly talented executives but you will also meet abusive, mean, severely self-interested ones who are limited in their ideas and do not wish you well with yours. Get ready for them. Most of them can be handled with intelligence and generosity of spirit.

Difficult executives can be damaged people and if you handle them well they have a funny way of becoming your greatest supporters. Put the magic word in your psychic backpack – collaboration. It accelerates success. Even better is love. Men rarely talk about love in business. They tend to equate love with lust and lust is a suicide pill in business. Yet the most successful male executives I have known have been the caring ones. People do more for them. If you are serious about a business and making a fortune out of one remember that business flirtations and business lust is only for television series – mostly in hospitals. But caring about people you work with – and especially for – is good stuff. Keep it at the ready.

Note: Write to me. If I can, I would love to help you make a million.

Read more about: Business, Career, Finance, Money, News

64 Reader Comments (so far…) Sign In or Register to comment

Lori Ettlinger Gross
I have a book coming out next month (Brooches: Timeless Adornment—published by Rizzoli) and while I have a good idea as to where I would like to “steer my career” at this point, making this happen is another matter entirely. I’ve been told recently that once you have a platform, such as a published book, doors open. This can’t simply be by magic, I imagine and I could use general, practical advise as how to handle this opportunity in a dignified, purposeful and successful way.
By Lori Ettlinger Gross on 03/24/2008 2:48 pm
Mary Wells
Joni Evans ran a book publishing company and as an agent had more best selling books than any one. I will pass this one on to her. She really knows this business!
By Mary Wells on 03/25/2008 9:42 am
Joni Evans
Lori: Would be happy to try and help you. Congratulations on your book’s publication; Rizzoli is a fine publisher. Just having a book published is an accomplishment, yes. But you are right about the platform…people now need to buy it and then, like it, and THEN, talk about it!!! If I can be of any specific help, just give me the details. JONI
By Joni Evans on 03/25/2008 2:59 pm
Lori Ettlinger Gross
Hi Joni- Thank you for your response. One of the things I would very much like to do is to create a television show about jewelry and fashion and bring it to the right forum, like the Style Channel. Of course I have no idea how to do this—or even if it is feasible or marketable. Perhaps I am getting too far ahead of myself since I will only have the one book under my belt and it hasn’t proven itself yet. I also have no idea how, or to whom, I pitch such a project. These are the issues I am thinking about now and if they aren’t “ripe” yet I guess I need to know that too. Thanks for your input and your interest, it is very much appreciated -Lori
By Lori Ettlinger Gross on 03/28/2008 3:56 pm
GEORGE WU, A.I.A.
M’s Evans—- I have spent 14 years to write ten books, “International Ballroom Dancing- World Champions Methods” all graphics, almost finished. But I have no idea how to take the next step: to publish them …. To make a big profit was never my primary concern, because I do not need that money to live on. Doing the dance books was basically for myself at the beginning to learn the beautiful dancing from the world champions. Now I want to spread their art to particularly China, where I believe the Chinese should learn some of the best in the western culture which is the International Ballroom Standard and Latin Dancing!—-www.dancewu.net
By GEORGE WU, A.I.A. on 04/26/2008 1:10 am
Tammy Moore
Lori, I’m looking forward to reading your book.
By Tammy Moore on 03/25/2008 10:30 pm
Lori Ettlinger Gross
thank you, Tammy
By Lori Ettlinger Gross on 03/28/2008 3:57 pm
Buh-Bye Hillary Hillary Buh-Bye
Lori, Congratulations! Rizzoli, very impressive! A must read! ‘Guerilla Marketing for Writers.” Don’t be put off by the title….lots of good ideas. One of the three authors, Michael Larsen, was the agent to the man who puts on the Santa Barbara Writer’s Conference with Barnaby Conrad, ran a writing group I was in, and among other books wrote “Hollywood Be Thy Name” about the Warner Bros and with Cass Warner, a granddaughter. I went to the book publishing party in Montecito and got to meet Cass Warner, a really darling woman, and imagined with both the authors Hollywood connections the book would do well. Was surprised when it did not and asked Michael Larsen why. He said, “Marketing.” If you’d like, I’d be happy to give you some suggestions on SEO marketing, which can be an effective do-it-yourself tool for specialty books. Can reach me through my blog: http://web.mac.com/myfrenchheart Bonne chance!
By Buh-Bye Hillary Hillary Buh-Bye on 03/26/2008 1:23 pm
Lori Ettlinger Gross
Merci, Suzanne
By Lori Ettlinger Gross on 03/28/2008 4:04 pm
Barbara Taylor
I need collaborators to help me get over my fear. I have a few ideas, one of which I’m now having a prototype made. Even making the prototype has been a little difficult. A little guidance or encouragement would always be welcomed. I can succeed, be a great business woman, and then help others. I’m willing to work hard to achieve my own business. But I’m alone, no mentors, just reading books and the internet as I fight through my fears. There are so many reality shows where ‘You’re Fired’ or have to eat a bug for a million dollars. I’ve often thought what if someone did a reality show, maybe call it WOWOWOW. People are given money to start a business; the hosts of the show are experience in starting businesses, who guide the contestants through each step. Not only would it help the reality show participants, it would help the person at home to visually see what it takes to start a business. Mary thanks for the article. I’d love to learn what I could from you.
By Barbara Taylor on 03/24/2008 2:53 pm
Buh-Bye Hillary Hillary Buh-Bye
I read Mary Well’s book years ago. It’s like a having a Fairy Godmother/Business Guru on your desk. Gave copies to friends, including men, we all loved it. This is THE most exciting time ever to be alive. It’s transitio that dwarfs the Industrial Age. Like any gold rush era, some will win, some will lose. I say pick a side and go for it full out. Then when you win have a blast giving others a hand up. My eye went right to Mary’s ‘spiritual generosity.’ That’s a book/article title right there for some clever slant. Non-fiction, only require’s a proposal to place, and spiritual generosity is what the world needs, it transforms everything. For a short How-To primer on book proposals: http://ezinearticles.com/?How-To-Write-A-Screamingly-Sexy-Book-And-Becom… I believe in finding what you love to do, at the intersection of what the world needs. One of the two highest paid women in entertainment was on welfare ten years ago, and she did just that. Not since Homer wrote the The Odyssey in 800BC has there been such a sustained publishing coup as JK Rawling’s Harry Potter. It was her magic-carpet ride out of welfare-landia that frees tens of millions to dream. At the same time she was penning her empire, the Google boys were orchestrating their outrageous idea in a Stanford University dorm room. Those three folks seriously changed the world, and today they’re all billionaires. Note what a smarty Rowling is: Google requires a massive global physical plant to scaffold its domain, she only needs a pen. If you have a great idea you can have an Internet storefront for free: Google Blogger + problogger.com + local techie meetups.com for support and you’re in business. Of course it takes lots of chutzpah and elbow-grease, anything worth the candle does. But, then there’s 3 guys in Spain who’d never been to a basketball game and started a NBA-site HoopsHype.com they sold for a cool mil. A 17-year old started her multi-million dollar web design biz for under $100 when friends admired her knack for creating jazzy sites. An Illinois college student was the wizard behind the screen at Park Avenue Peerage, the Manhattan upper-crusty society blog. A lady got rich selling tumble-weeds on the web! There’s lots of business that needs creating right now: someone is going to figure out how to make big dough recycling the Mt. Everest-high Starbucks coffee-cups filling our landfills everyday, etc. I bet the farm on my novel, then worked as if my life depended upon it. Oprah says that’s when the universe shows up. I’ve got the front door open right now! http://web.mac.com/myfrenchheart
By Buh-Bye Hillary Hillary Buh-Bye on 03/24/2008 3:29 pm
Helayne Spivak
This is a belated fan letter to Mary Wells. As I am in the advertising business I have followed your career, heard you speak, and admire you tremendously. While your advice might help someone become a millionaire it would be very difficult for anyone to to do it with quite the grace, charm and dignity that you’ve exhibited throughout your career and your life. Helayne Spivak
By Helayne Spivak on 03/24/2008 3:58 pm
jm m
Seems to me that you’ve had a pretty huge career in advertising too, Helayne. All done with the same degree of dignity, if you ask me. I worked at A&P in the early ‘90’s, while you were there, and you had a pretty big impact on the success of the company. Good to see your name here.
By jm m on 03/26/2008 8:15 pm
Shirley Walkowicz
For May Wells: Care to help me to become a “Rich Millionaire?” [Call Me]
By Shirley Walkowicz on 03/24/2008 5:35 pm
J Boylynn
Mary, I don’t want to be a millionaire! I do have my own company, a tutoring company, so the idea of product is not really applicable. My product is not tangible; it is mostly how much the students learn and succeed in school once they have been with me for a period of time. How would you suggest I market? That truly is my greatest nightmare. I worry constantly about what I should do better. Very unfortunately, the schools around my center are not at all welcoming to an outside service coming in to help. Many of them discourage my presence, as if I am an affront to their teachers and their efforts. Any suggestions? Newpaper advertising has not worked—it is a money drop, and I won’t do it again! I am considering a local television station, but that too could be risky, another mondy drain. Please let me know what you would suggest. I would love to hear from you. Thanks for any ideas. Joan
By J Boylynn on 03/24/2008 5:37 pm