AN EXAMINATION OF THE POWER OF THE DARK SIDE OF ENTREPRENEURSHIP Frank S. Lockwood, Western Carolina University Russell Teasley, North Georgia College and State University JoAnn C. Carland, Western Carolina University James W. Carland, Western Carolina University ABSTRACT "Never underestimate the power of the Dark Side!" Luke Skywalker learned that lesson well in a galaxy far, far away and long, long ago, but modern entrepreneurship theorists may be less well informed than the characters in Star Wars. Like the “Force,” Entrepreneurship is a tremendous power for good. But, like the “Force,” Entrepreneurship does have a Dark Side and it is powerful, indeed. With rare exceptions, the literature about entrepreneurship is positive and supportive and implies that uniform benefits accrue to the economy, to businesses, and to individuals as a result of entrepreneurship. This is only half the story. A small number of researchers have examined the dysfunctional aspects of entrepreneurship and pointed out that a Dark Side definitely exists (Kets de Vries, 1985; Solomon & Winslow, 1988; Winslow & Solomon, 1987; 1989). This paper will look at those who turned to the Dark Side for their very existence. The authors have surveyed prisoners who have been convicted of a felony and who are serving sentences in a Federal Prison in the Midwest. The participants were enrolled in a continuing education course involving entrepreneurship and small business startup ideas and they all espoused a desire to “go straight” when their sentences had been served. How did they become criminals? Did they view their criminal activities as entrepreneurial ventures? Will they become legitimate entrepreneurs in the future? Can entrepreneurship education alleviate the problems faced by these offenders when released and is there a greater or lesser chance of recidivism when these inmates are given the opportunity to study entrepreneurship while still incarcerated? If they exist, are Dark Side Entrepreneurs different from main stream Entrepreneurs? These were the questions which drove our research. INTRODUCTION A major problem facing society today is the impact that the growing number of inmates serving sentences have on the economic vitality of our nation. The problem has been exacerbated because our jails are not only filled with first time-offenders but with a large population of repeat offenders, those returned to prison because they were unable to maintain a crime-free lifestyle after being released. According to the Bureau of Justice (2000), in the United States released prisoners were re-arrested at an average rate that was greater than 60%. The high percentage of re-arrested former prisoners is a clear indication that just serving one’s sentence is 1 not a deterrent to committing more criminal acts. The economic cost to society and to those directly affected by criminal activity is tremendous. According to the Bureau of Justice (2000), one of every fifteen people in the U.S. will be incarcerated. That figure is staggering. During the past 25 years, the penal system in the United States has implemented a strategy of “lock ‘em up and throw away the key.” As a result, there has been an unprecedented growth in the prison population in the number of incarcerated inmates even though the crime rate has been decreasing. Further exacerbating the situation is that incredibly high rate of recidivism. According to the Three State Recidivism Study (Steurer, Smith, and Tracy, 2001) released inmates reported that less than half had a job awaiting them after they were freed from prison. While most (about 87% of those who had received training while in prison and 83% of those who did not participate in training) believed that they had a place to stay after they were released, the remainder were released as homeless, left to roam the streets, mostly in urban areas. The economic cost of incarceration and the cost to society of criminal activity, plus the lost wages due to imprisonment of convicted workers and the cost of providing welfare for their families is creating a substantial burden on local, state and federal budgets. The combination of rising costs multiplied by an ever greater number of incarcerated inmates is putting pressure on the penal system to find an alternative, better strategy for success after release. Is there a strategy that can lead to a lower prisoner population through a decrease in recidivism? Is there a strategy that can help released inmates generate income to support themselves and their families? RECIDIVISM RESEARCH Mounting evidence is demonstrating the potential for education and training programs to reduce the number of incarcerated inmates by reducing the rate of recidivism among those inmates released to return to society. One example of such evidence is the well regarded ThreeState Recidivism Study published through a partnership between the Correctional Education Association and the Management and Training Corporation. In this study, Steurer, Smith, and Tracy (2001) demonstrated empirical support for educating incarcerated offenders. Their conclusions were that: 1) although the effect of education on recidivism varied across states, all states showed a reduction in recidivism for prisoners participating in education; and, 2) that post-release, the earnings of the education participants were higher than non-participants, implying that higher wages result in higher standards of living for the released inmates and their families. The pressure ensuing from increased costs of incarceration relative to a growing prisoner population, as a result of high rates of recidivism has led to a new effort to learn about postrelease behavior and employment of former inmates. The hypothesis would be that increased exposure to training and educational programs will result in a lower rate of recidivism, thus a lowering of the repeat offenders in the prison system. Several studies over the last twenty five years have had significant results. Table 1 recaps the results of some of these research efforts. 2 Table 1: Research Results of the Effect of Education and Training on Recidivism Name of Study Type of Training Employment Potential Effect on Recidivism University of Victoria (Acers, et al, 1980) (Duguid, Hawkey & Knights, 1981) College Education Program Participants No Data 14% Recidivism College Education Non Participants No Data 51% Recidivism Illinois Study (Anderson, Anderson & Schumaker, 1988) Vocational Training High Employability Lower Re-Arrest Rate Vocational Training and Academic Training High Employability Lower Re-Arrest Rate No Vocational Training Low Employability Highest Re-Arrest Rate Academic Training Only Lower Employability Higher Re-Arrest Rate Five Year Outcome Study: Factors Associated with Recidivism (Eisenberg, 1991) GED Completers No Data Lower Recidivism than Non Participants Alabama Corrections Education Research (Gainous, 1992) Post-Secondary Course Completers No Data 5% Recidivism Post-Secondary Course Non Participants No Data 35% Recidivism Post-Release Employment Project (Saylor & Gaes, 1992) Vocational Program 72% Employed 7% Recidivism No Program (Control Group) 63% Employed 10% Recidivism Texas Department of Corrections (Glenn, 1995) Post-Secondary Vocational Training Graduates Greater Employability Lower Recidivism Than Non Participants Maryland Study (Jenkins, Steurer, & Pendry, 1995) Formal, Post-Secondary 77% Employed ≥ Estimated Minimum Wage No Data Louisiana Study (Elbert, 1999) Vocational Program Completers No Data Lower Recidivism Vocational Program Non-completers No Data Higher Recidivism No Program (1,307 of 3,000) 55% Employed for at Least 90 Days 49% Recidivism Virginia Department of Correctional Education 3 Table 1: Research Results of the Effect of Education and Training on Recidivism Name of Study (Hull, et Al, 2000) Type of Training Employment Potential Effect on Recidivism Did Not Complete Program (786 0f 3,000) 61% Employed for at Least 90 Days 38% Recidivism Program Completers (907 of 3,000) 78% Employed for at Least 90 Days 20% Recidivism Three State Recidivism Study (Steurer, Smith, & Tracy, 2001) Education Program Participants No Data 31% Recidivism Education Program Non-participants No Data 37% Recidivism Hamden County House Of Corrections Study (Burke & Vivian, 2001) Community College (Complete at Least 3 Hrs) No Data 22% Lower Recidivism Than Non Participants The Three State Recidivism Study issued in 2001 by the Correctional Education Association, and noted above, is an excellent example of the quality of current recidivism/education research. The methodology of the Three State Recidivism Study was welldesigned. This study collected data on about 3,200 inmates who were released from prisons in the states of Minnesota, Ohio, and Maryland. The participants in the study were divided into two groups: prisoners who had participated in education and training programs while incarcerated (1,373 prisoners); and prisoners who did not participate in education and training while in prison (1,797). Each prisoner who participated in the study completed a pre-release survey that included information about his family life, education and training background, criminal history, and work experience. Three years of follow-up data were collected to measure rates of released prisoners being re-arrested, re-convicted, and returned to jail. The study found that three years after being released, the group that had participated in education and training programs had a significantly lower rate of recidivism. Also, the wages earned by this same group were higher than those earned by non-participants. As described in Table 1, other such studies over the period of 1980 to 2001 also indicated that some type of educational intervention resulted in lower rates of recidivism. The Federal Bureau of Prisons has found that there is an inverse relationship between education and recidivism (Harer, 1994). Another study found that prisoners who had two-years or more of college education had only a 10% re-arrest rate as compared to the average 60% rate (Marks, 1997). As such, there is promise that an education directed at helping prisoners to become specifically employed and at a higher level should result in even higher levels of success on the outside. This leaves us to wonder whether entrepreneurship education, which is directed toward the creation of businesses, might be utilized for even greater levels of success. 4 CRIMINAL ENTREPRENEURS Do Dark Side Entrepreneurs exist? If so, are they different from the entrepreneurs that we normally study? To explore this question, the authors administered established instruments to a convenience sample of convicted felons incarcerated in a Federal Prison in the Midwest. All of the participants were male, and all were participating in a continuing education course involving entrepreneurship. Every participant in the course, 34 men, agreed to participate in the study. The instrumentation included demographic questions dealing with the traditional data, but also included questions about the participant’s criminal activities and criminal history. We also wanted to know whether any of the participants were actually involved in ownership of a legitimate business prior to incarceration, and we specifically addressed whether the participant considered his criminal activities to be a business. The entrepreneurship courses were taught by an inmate instructor who has extensive experience as an entrepreneur, using textbooks and educational material obtained from academic institutions. As indicated, the authors were particularly interested in knowing if the inmates viewed their criminal activities as entrepreneurial ventures: were they Dark Side Entrepreneurs? As we will discuss later, these criminals described their activities in terms of sources of supply, channels of distribution, effect of supply and demand on price, the value of creating a brand identity, and efforts to obtain competitive advantage. They clearly had a firm grasp of the concepts of first mover advantage and the value of working capital. Therefore, the perceptions and activities of the surveyed inmates were clearly similar to those of entrepreneurs, small businessmen, and business managers. PERSONALITY TRAITS AND THE DARK SIDE Personality traits of entrepreneurs have been examined by many researchers citing such attributes as a need for power (Peay & Dyer, 1989); and, the pursuit of freedom of expression and of spirit (Cole, 1989). Entrepreneurs have been characterized as confident, optimistic, not prone to take great risks or to be reckless, unwilling to have their performance judged by others, especially willing to be independent and self-reliant, and, as more than non-conformist, in fact, mildly sociopathic (Solomon & Winslow, 1988; Winslow & Solomon, 1987; 1989). At least one author has posited that entrepreneurship can be hazardous to one’s health (Buttner, 1988). Many characteristics of entrepreneurs such as risk taking propensity (Mill, 1848; McClelland, 1961; Mancuso, 1975; Timmons, 1978; Brockhaus, 1982; Watts, 1989; Carland & Carland, 1991) have been explored. Innovation has also oft been cited as a central characteristic of the entrepreneurial endeavor (Schumpeter, 1934; McClelland, 1961; Williams, 1981; Martin, 1982; Drucker, 1985; Carland & Carland, 1991). Other researchers have studied the need for achievement in entrepreneurs (Hornaday & Aboud, 1971; Liles, 1974; DeCarlo & Lyons, 1978; Carland & Carland, 1991) and cognitive influences have been examined as well (Carland & Carland, 1983, 1987, 1991, 1992; Barbato & Durlabhji, 1989). In most of the literature in which a portrait of the entrepreneur is drawn, only the positive aspects are vigorously outlined; and yet for every burst of brilliance, there is a negative or dark aspect: a Dark Side. Few have examined the aspects of the Dark Side of entrepreneurship. Osbourne (1991) identified the Dark Side as the "corrupting power of ownership" and cited examples of situations 5 in which the power of ownership corrupted the organization. Cole (1989) described the entrepreneurial self and alluded to the reality that often entrepreneurs are “displaced persons” who are entering the pursuit of ownership for less than sterling goals. INSTRUMENTATION Several instruments were utilized to determine the characteristics of the sample employing traditional constructs of the entrepreneurship literature. We employed tests which measured the entrepreneurial psyche involving cognitive or managerial style (i.e., Hoy & Boulton, 1983; Ginn & Sexton, 1989; 1990; Brodzinski, Scherer & Wiebe, 1990; Dugan, Feeser & Plaschka, 1990; Carland, Carland & Stewart, 1996; Pollard, 2006; Brice 2006). Carland, Carland and Hoy (1992) combined that stream of research with more traditional research on entrepreneurial personality traits, a body of literature which includes many contributions (i.e., Hartman, 1959; Davids, 1963; Hornaday and Aboud, 1971; Palmer, 1971; Liles, 1974; Borland, 1974; Mancuso, 1975; Gasse, 1977; Timmons, 1978; Sexton, 1980; Vesper, 1980; Welsh and White, 1981; Williams, 1981; Dunkelberg and Cooper, 1982; Carland, 1982; Carland, Hoy, Boulton & Carland, 1984; 1988; Ginn & Sexton, 1990; Stewart, 1996; Stewart, Watson, Carland & Carland, 1999; Gaulden, Jackson & Gaster, 2002; Envick & Langford, 2003; Brockman, Becherer & Finch, 2006). They concluded that entrepreneurship was best understood as an individual drive: the drive toward entrepreneurial behavior. In that same vein, Carland, Carland and Stewart (1996) described the entrepreneurial psyche as a gestalt of multiple personality factors including the need for achievement, the propensity for risk taking, the preference for innovation, and cognitive style. They suggested that the varying strengths of the traits in an individual entrepreneur combine to affect that individual’s behavior. It is this gestalt of drives which produces differences in entrepreneurial behavior (Carland, Carland & Stewart, 1996). Achievement Scale of the Personality Research Form The instrument used to measure the need for achievement is the Achievement Scale of the Personality Research Form (Jackson, 1974). The instrument has been shown to have reliability (Jackson, 1974), to display convergent and discriminant validity, and to possess high correlations with self and peer ratings (Jackson & Guthrie, 1968). It consists of 16 forced choice questions which may be scored by untrained people. Odd-even reliabilities for two groups (N = 83 & N = 84) were .57 and .66 after the Spearman-Brown correction had been applied (Jackson, 1974). In a test for validity, Jackson and Guthrie (1968) reported correlations with self ratings and peer ratings of .65 and .46 respectively, and reported that the form possessed convergent and discriminant validity. Risk Taking Scale of the Jackson Personality Inventory The instrument selected to measure risk taking propensity was the Risk Taking Scale of the Jackson Personality Inventory (Jackson, 1976). The instrument consists of 20 forced choice questions, may be scored by untrained people, and has been reported to display high reliability and validity and to exhibit high correlations with self and peer ratings (Jackson, 1976). Jackson 6 (1976), in a test involving two samples (N = 82 & N = 307), reported internal consistency reliability values of .93 and .91 using Bentler's coefficient theta and .81 and .84 using coefficient alpha. In a test for validity, Jackson (1976) reported (N = 70) correlations with the completion of an adjective checklist, with self rating and peer rating of .75, .77 and .52, respectively. Innovation Scale of the Jackson Personality Inventory The instrument selected to measure preference for innovation was the Innovation Scale of the Jackson Personality Inventory (Jackson, 1976). This instrument also consists of 20 questions in a forced choice format and can be scored by untrained people. It has been reported to display high reliability and validity and to exhibit high correlations with self and peer ratings (Jackson, 1976). Jackson (1976), in tests involving two samples (N = 82 & N = 307), reported internal consistency reliability values of .94 and .93 using Bentler's coefficient theta and .83 and .87 using coefficient alpha. In a test for validity, Jackson (1976) reported (N = 70) correlations with the completion of an adjective checklist, with self rating and peer rating of .79, .73 and .37, respectively. Myer-Briggs Type Indicator The instrument selected to measure cognitive styles was the Myers-Briggs Type Indicator (Myers & Briggs, 1962). The MBTI is an objective instrument with four dimensions measuring dichotomous preferences derived from Carl Jung's (1923) theory of psychological types. These preferences measure how one employs perception of people, problems and environment in a cognitive process which is intricately involved in decision making and in managerial style. The MBTI classifies people into four temperaments, comprising 16 typologies. It enjoys wide acceptance and use, excellent test-retest correlation, internal consistency and reliability (Mendelsohn, 1965; Buros, 1970; Keyser & Sweetland, 1984) and has been shown to have satisfactory content, predictive and construct validity (Carlyn, 1977). The Carland Entrepreneurship Index The Carland Entrepreneurship Index (Carland, Carland & Hoy, 1992) is a forced choice format instrument which deals with the four constructs evolved from the elements of entrepreneurship espoused in the literature explicated above: personality, preference for innovation, risk-taking propensity, and strategic posture. A principal component factor analysis using varimax rotation resulted in 33 elements. Self ratings produced a score of .417 for a probability of <.001 and a test-retest correlation of .80 was obtained with a probability of <.001, indicating that the index was consistent over time in producing unique scores for respondents. The split-half, odd-even reliability examination resulted in a correlation of .78 and was statistically significant at the <.001 level as well (Carland & Carland, 1996). The KuderRichardson test for inter-item reliability was .73 (Carland & Carland, 1996) which means that the test was accurately measuring some characteristic of the people taking it and that the individual items in the test were producing similar patterns of response in different people (Nunnally & Bernstein, 1994). 7 To test the convergent and discriminant validity of the Carland Entrepreneurship Index, the findings were compared with established personality instruments. Tests for discriminant and predictive validity as well as normality indicated that the CEI performed as expected, and an application employing a sample of inc. 500 entrepreneurs supported the power of the index to discriminate among growth oriented entrepreneurs (Carland, Carland & Ensley, 2001). RESULTS OF THE STUDY The demographics of the sample employed in this research are displayed in Table 2. The table also displays the distribution of the sample with regard to the type of crime for which the prisoner was incarcerated, and whether the inmate had previously been arrested. The demographics contained several surprises for the researchers, the first of which was the educational attainment level of the sample. Six of the respondents did not have high school educations, but 8 did hold high school diplomas, and a surprising 19 of the 34 had more than a high school education. These included two baccalaureates and one JD. Most of the participants were incarcerated for drug related crimes, 23 of the 34, while 6 of the 34 had committed violent crimes. Fifteen of the participants reported that they had been self employed at some point in time, but only 9 of these were self employed at the time of arrest. Table 2: Sample of Study Respondents (N=34) Age 20-29 30-39 40-49 50-59 60+ 3 12 11 6 1 Education <12 12 12+ 6 8 19 Race White Black Hispanic 9 21 4 Crime Violent Drug Fraud Other 6 23 2 3 Previously Self Employed at some point 15 Prior Arrests 18 6 8 2 None 1 prior arrest 2 prior arrests 3 or more prior arrests To investigate whether the sample of inmates displayed any of the traditional characteristics of entrepreneurs, we administered an abbreviated version of the Myers-Briggs 8 Type Indicator (MBTI), the Carland Entrepreneurship Index (CEI) and the Jackson Personality Inventory (JPI). The results of that survey are displayed in Table 3, and these results were startling to the researchers. The results could have been expected in any sample of entrepreneurs, managers, or other stalwart members of society. Table 3: MBTI Distribution Respondents (N=34) NT SJ INTJ 4 ISTJ 12 INTP 1 ESTJ 7 ENTJ 3 ISFJ 2 Total 24% 8 Total 62% 21 SP NF ESTP 2 ENFJ 1 ISTP 1 INFJ 1 Total 9% 3 Total 6% 2 Carland Entrepreneurship Index Scores Average CEI Score 23 out of a possible score of 33 Jackson Personality Inventory Risk Taking Propensity 12 out of a possible score of 20 Preference for Innovation 16 out of a possible score of 20 Need for Achievement 12 out of a possible score of 16 Note that Table 3 shows the primary characteristics of our sample as being SensingJudging “SJs”, with 62% of the sample displaying that temperament. Contrast that with the expected distribution of SJs in the national population, 38% (Keirsey & Bates, 1984), and one can see how striking the results truly were. Further, the group was dominated by the ISTJ typology, with 35% of the group displaying those traits in contrast to the expected distribution of 5% (Keirsey & Bates, 1984). Keirsey and Bates (1984) describe the SJ as: being a traditionalist or stabilizer; liking to establish policies, rules, schedules, and standards and create company rituals; being patient, thorough, steady, reliable, orderly; having a strong sense of social responsibility; having a need to serve, to be needed, and to do one's duty; being resistant to change and being decisive; having common sense; being a hard and steady worker, thorough and loyal; and, known to be pessimistic. 9 Further, Keirsey and Bates (1984) describe the ISTJ as: driven by a sense of responsibility; focused inwardly, concentrating on the objective and concrete; extremely demanding; doing what should be done; neat and orderly, tasteful and reserved, believing that there is a place for everything and that everything should be in its place; dutiful in work and play, believing that an idle mind is the Devil’s playground and that honest work is good for all; and, exhibiting a sense of duty and responsibility that is greater than any other type. The typology descriptions of the SJ and the ISTJ certainly did not fit the stereotype which we had possessed relative to incarcerated prisoners prior to this study. The results of this survey painted a picture of a group of men who should have been law abiding citizens. As Table 3 further indicates, the prisoners scored high on the CEI, with scores well above the mean (16 out of 33), suggesting that the group displayed a high drive toward entrepreneurship. Scores on the subsets of the Jackson Personality Inventory were also surprising. Table 3 indicates that the group scored high on the need for achievement, and high on preference for innovation, but barely above the mean on risk taking propensity. None of these findings are consistent with our preconceived ideas about the group, and, we suspect, are not consonant with the expectations of the majority of readers. We turned to an examination of a series of open ended questions which we had included in the survey. The most important of these questions dealt with whether the prisoner considered his criminal activities to be a business, and if so, why. Seventy-five percent (75%) of the respondents did, in fact, consider their criminal activities to be a business. They provided such illuminating comments as the following: I employed the same logistics as WalMart Selling drugs is like a business because you have employees Business is anything that has supply and demand My involvement was for profit I used organizational skills I was selling a product I used bookkeeping and management principles Location is key and I had a targeted market It’s like selling any other product I advertised and distributed There was supply and demand The principles are the same: supply and demand; management and staffing; minimize the costs; and, maximize the profits 10 At the very least, these felons used the language of business to describe their activities; consequently, we are left with the conclusion that our research identified this group of felons as strongly oriented toward entrepreneurship. Darkside Entrepreneurs truly do exist, and the participants in the study truly are in every sense of the phrase. Are Darkside Entrepreneurs different? The participants in our study are certainly different from successful entrepreneurs in society in only one respect: the activities in which they engaged were illegal and detrimental to our economy. IMPLICATIONS OF THE FINDINGS How can the most responsible and dutiful of all typologies turn to crime and openly describe their activities as business ventures in every sense of the word? The answer could lie in the society to which the SJ feels that traditional sense of duty and responsibility. Fifty percent (50%) of the respondents reported that a member of their family had previously served time in prison, and 47% of the group had a close friend who had previously served time in prison. Forty seven percent (47%) had been arrested for a felony prior to the current conviction, and 37% had served time in prison previously. Further, 10 of the respondents, 29%, reported that their first arrest came before the age of 20 years. Our anecdotal conclusion is that a heartbreaking number of the prisoners in this study grew up in a society in which criminal activity was normal. If our findings are at all typical, then anecdotally we must learn how to demonstrate to our children and youth that the society to which one owes one’s duty is the dominant society of our world, not some criminal subset of society. We greatly fear that until we learn how to do this, our subcultures will continue to breed Darkside Entrepreneurs and our dominant culture will suffer for it. CONCLUSION There is a strong ray of hope in this study. One final question which we asked the participants had to do with their plans for the future upon their release from prison. Twenty three of the respondents, 68%, indicated that they intended to start a legitimate business in the future. Nineteen of these, 58%, had taken previous courses in prison that they believed would help them achieve this goal. The dreams of starting a venture were more fully formed than one might believe as indicated by the listing of businesses that the prisoners provided. A carwash or shoe store I would like to start a small restaurant and plan for future growth Disaster relief - removal of debris Financial consultant Import auto parts I'm planning on starting up a marketing or advertising company in Poland Auto repair, used car sales, and auto financing Aviation oriented I am going to trade equities, buy several businesses, and invest in real estate 11 Professional personal trainer business; also, real estate holding company Trading stock options Real estate Store or gas station, some real estate Mail order pharmaceuticals, incentives, import/export Talent promotions Real Estate and Investment firm – I plan to buy, sell, and rent affordable housing Real estate development and building Hope to process exportable raw materials before export An electronics manufacturing or information brokerage business Trucking and real estate development Restaurant, entertainment and clothing business Construction Musician – after a lifetime of working as a musician, I'll do what comes naturally to a 66 year old person just released from prison – sing the blues In fact, one young man was released shortly after our survey was completed and made good on his dreams. He wrote a letter to the instructor of the program one year later. He had relocated to Florida and established a real estate business. Here is an excerpt from his letter. “When I got to Florida I started doing the things that I learned from you. Though I did not actually initially get into the project I wanted, it got me noticed and in position to meet like-minded individuals. I remember you telling me how investors with greater insight than me would sometimes try to shape or reshape the plan and my need to be ready and willing. That is exactly what took place. No, I didn’t learn how to acquire and sell vacant property, but I did learn the etiquette of business. I learned from a wise man how to present a plan and, more importantly, myself. I learned about developing a reputation for good returns and so much more. I really want to emphasize those mock presentations [required as part of the program of study].” “In my first year in business I made over $1.4 million in sales and over 20% gross profit. I started to look into rehab housing. I asked a guy to finance me as I cannot pay interest for personal reasons [his religion prohibits this]. He thought that this would be a risky investment with someone that had no previous experience, so he suggested I buy a vacant piece of property. He knew the property here appreciated quickly and he thought it would help me get on my feet after a few months. Problem was I didn’t know that I wasn’t supposed to turn the property around immediately. I sold the first property in about a week for 50% more than what I bought it for. Then I got two more. The rest is history. 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