What role in their development as entrepreneurs would you think special conditions hadfor example, Abe being African
Question:
What role in their development as entrepreneurs would you think special conditions had—for example, Abe being African American, Lee being a female in a male-dominated industry or working within a family business, or Frank or Dave going into serious business without a college education?
The one sure way to make money in Memphis, Tennessee, has always been through real estate, but the kinds of people who became millionaires this way defied a single, simple description. Consider five people who became millionaires within a few years of each other. All were in their early 30s when they struck it rich, but otherwise, they were a very varied group.
For example, Abe was the local “do it right” guy. He went to college, got his start in real estate working for a successful firm (he was one of the few African Americans in the local industry who specialized in commercial real estate), and built a nest egg. He left the firm after about five years to start his own, and he kept up his conscientious ways. He made a profit in his first year of operations through frugality and careful money management.
He studied the market, the competition, and how and where the city was growing. He negotiated tirelessly but fairly to get the best price on land, and he developed it for the commercial market because that was where the money was.
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