Millionaire Mindset: Simplicity and Trends

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That certainly worked for Travelex boss Lloyd Dorfman, whose traveller's cheque business is now second only to American Express, after starting as a tiny London bureau de change.



The simple idea that put him in the big time was to open bureaux on the M2 motorway to serve the Channel ports, then on the ferries and in France. Another major breakthrough came when Travelex moved into Australia and America. Today the company employs 6,000 people and last year made £68 million. Not bad for a business started by a 23-year-od with a £25,000 loan from a friend.

Always Ahead Of Trends

Often that means taking an idea from somewhere else and developing it for your own markets. easyJet's Stelios Haji-Ioannou admits that whilst scouring the US for money-making ideas, he discovered the prototype for his budget airline in America's Southwest Airlines.

"There's an expression that all good things start in America and work their way eastwards," he says. "Keeping your eyes open, you can often learn something from another industry that you can apply to your own."

"The simplest form of successful copying is to sell what is already available for less. Trying to make things cheaper for the customer is an excellent starting point."

Entrepreneurs need to be opportunistic. They to be alert to new deals and see opportunities that others do not see.