entrepreneur

In addition to writing Super Achiever Mind Sets (Life Success Academy: 2003) and Perfection Can Be Had (LSA Publishing: 2002), Berny Dohrmann chairs CEO Space, LLC, (formerly IBI Global), which has offered accelerated MBA-level coaching and mentoring to executives for 17 years. He taps approximately 350 top-notch mentors, such as Jeff Magee, whose clients have included Boeing, the Federal Reserve Board of the United States, NASA, 22 different governors, and Howard Limm, who has re-branded Compaq, Disney, Pokemon and Power Rangers. Berny recently shared with HOME BUSINESS® Magazine what’s required to become a successful home-based entrepreneur.

HBM: How has your background influenced your current path?

BD: I've seen learners struggle in classrooms for years...the MBA curriculum didn't [serve] the entrepreneur. We're about accelerating, shaving years off a business plan. It's not like a seminar or workshop. This is the most intense skill infusion that the adult gets in their lifetime. They've never been through this kind of quality.

HBM: What do you enjoy most about heading CEO Space?

BD: Seeing our graduates struggle less and move to surplus from toil. Seeing the lights go on, their dreams come true, and them winning awards. And all the jobs and employment it generates...It's very gratifying.

HBM: How does a home-based business owner benefit by "giving back" to others?

BD: A home-based business owner picks up strategic alliances all over the world. There are always mentors above you that will help you for helping others. It's all based upon cooperative dynamics instead of competition. Cooperative companies are beating and eating competitive companies that are dying without knowing why.

HBM: What are the biggest mistakes many entrepreneurs make when starting a home-based business?

BD: Their plan is weak, their team is weak, and they don't have the resources they need. All companies should have resources to pay the founder while he's developing the business. Getting two rounds of capital will help. Learning about capital is the secret key to the free enterprise system. People don't know how to develop or get capital. They also need a wealth plan versus a business plan. A wealth plan enables one to resell it. A business plan makes them wage slaves to their own company.

HBM: What can home-business entrepreneurs do when their business struggles?

BD: Re-plan, re-team and redevelop the resources. That's all it is. By getting your plan with A-level coaching and the right team of three to five people, and the resources, then you can hit the bull's eye.

HBM: What helps home-business entrepreneurs decide which business offers to take and which to turn down?

BD: They need to slow down launching the business and capitalize it so they can be paid to have time to answer those questions. Many launch prematurely. They need to have time to develop the plan and team. Get the money first to pay yourself and all the expenses pre-launch. With two to three players on your team, you can execute the sequence of the launch properly. Get better coaching and advisors. Get someone who's built a company up and sold it for millions, not ones who haven't. Don't be a wage slave to your own company, or you'll start hating your dream.

HBM: How do you balance family time with work?

BD: It's the most important thing in the world. For three years, you have to give 110 percent while you get your business up and going. The goal is to spend Tuesday, Wednesday and Thursday working and free other days to enjoy life and the privileges of success. Work for a time budget. What you really want with your wealth is freedom. We worshipped technology for the promise that it would give us the thing we wanted the most, the new wealth: time. It lied. It gave us speed, not time. Now we have less time. There are times to turn [technology] off. You can get addicted to technology. You have to be in charge, not let it be in charge of you.

HBM: What is your best advice to home-based entrepreneurs?

BD: The golden key to the lock is capital, capital, capital. Make learning about it your number one priority. Capitalism is our way of life. Do whatever you have to do to get trained and acquaint yourself with capital. Capital will set you free. I've never had a company say, "I can't make it work. I did everything you said, and I have too much money and I can't make it work. Success is a learned behavior; it always will cost more than you thought and takes longer than you expected. HBM

Berny Dohrmann operates CEO Space operates through locally-based CEO Space clubs. Membership cost varies by the club's location. The membership includes access to weekly electronic chats with top mentors, periodic in-person coaching from mentors flown in to speak at local clubs, access to more online content, and mentoring retreats in Los Angeles. The first retreat lasts a week, and its fee is included in the membership. Retreats include all meals and sessions. For more information, visit www.ibiglobal.com.