Eric Schiffer of 99 Cents Only Stores came to the company in 1991 and started worked for the discount retailer in a number of managerial spots. Promotions came in March 2000 when he moved up to the office of President. He took on the additional mantle of Chief Executive Officer in 2005. This 50 year old go-getter started his career after graduation from Harvard Business School. From 1987 to 1991, he worked as a venture capitalist with the firm of Oxford Partners.
With today’s sluggish economy, discount stores such as 99 Cents Only are doing more business than ever. Curiosity stemming from tighter money and less to spend has driven in shoppers who might not have ever considered buying at a place that advertises its low costs in its name. In an interview from 2008, Schiffer described his happy surprise at how well his company does at its store on Wilshire Boulevard, a high-end shopping district in Los Angeles.
He said that that California store sits only two and half blocks from wealthy Beverly Hills. With everything in the store priced at less than a dollar that location generated over $10 million in annual sales. Schiffer says that 99 Cents Only customers range from those with low incomes to those in the upper income brackets.
The 99 Cents Only brand got its start in 1982. Founded by David Gold, the company now has some 300 stores located in Arizona, California, Texas and Nevada. Gold still serves as chairman. 2009 figures show that the company generated over $1.3 billion.
Its success depends on its guarantee that nothing in any of its brick and mortar operations will cost more than 99.9 cents. The slight increase up from a flat 99 cents is the only price change instituted by this important player in the realm of discount shopping.
Eric Shiffer’s hard work has paid off for his company. It has garnered positive attention from leading business associations and publications such as Forbes Magazine. He receives $122,308 in yearly salary plus an additional $5,000 in compensation and stock options. He enjoys a home not far from the company’s headquarters in Commerce, California.
He helps pay his professional success forward by offering insights to people newer to business. He discusses the ups and downs of the volatile marketplace and teaches through his own website, Facebook, and Twitter. This successful man believes that the joys of the winner can come to anyone with enough imagination and determination.
You’ve a burning desire, you’re loaded with motivation, your attitude is to kill for, You’ve the tools to realize your small business ideas. Marvelous. Now you only need one more thing. You’ll need to set your mind in a “never give up” mode.
It’s a crucial fact, you and your small business, will face serious setbacks and tough to get by obstacles. Doesn’t matter if everything starts smoothly or work great right now. Sooner or later you’ll experience rough days.
You must prepare yourself for this and you need to learn how to tackle these situations with enthusiasm. You’ll have to learn how to land at your feet. Get back on the bike right after you’ve fell off.
When the time comes the following thoughts might come in handy.
When you feel like you never want to see your business again, give yourself some breathing space. Take scheduled breaks, do something completely different.
When you’re all steamed up and frustrated, Take a few deep cleansing breath. Tell yourself to relax. Think about a funny story.
Get the good habit of daily exercise. There is nothing more stress relieving than a hard body exercise.
You must allow yourself to have other activities. Turn your attention to a hobby that takes your mind off the business for a while. When you re approach your task, you’ll see it with new eyes.
Look in the mirror and say it out loud, you look at a real winner. First class material like that, don’t ever give up. Your success is probably just around the next corner. Let your winners mind run free for a while, when you harness it again, it will be reloaded with power.
Have a look into the future, you’re just one step away from achieving your big goal. Of course you want to take that step. Imagine what a waste it would be to quit, just before you would be able to reap the rewards.
It would be such a shame to have done all the hard work, only to not take the last necessary step. The next action you take might just be the one which make the snowball rolling. Keep going.
Get hold of some motivational books and tapes, it’s an efficient and cheap way to stay at course.
All successful small business owners, have been able to overcome all the humps and bumps along the road towards a successful business. Think about that when you feel like it’s time to quit. If they were able to do it, so are you.
You can’t give up, it’s not in your bag of options. Keep educate yourself in your area of business. The more you learn the more you increase your velocity towards your goal.
Winning in Small Business is as hard as running a race in the Olympics, actually I think harder, but the interesting fact is that the traits to succeed in small business are the same ones athletes use to succeed in any sport. Essentially the ten traits small business owners must have to succeed are the same ones we all must have if we ever think that we will achieve something in our lives.
Trait 1: Know Your Purpose
The first trait all small business owners must have is to know their purpose. First and foremost what is it that you want? What is it that youu want to achieve? Once you know what your purpose is then this will be the force and motive behind you taking this journey.
Trait 2: Have a Desire to Succeed
How many people do you know want to win Lotto? Probably a lot … Did you know that most people who win the lotto actually spend every cent of it in the first 12 months? Why, because they have not got a desire to use this money to succeed. To be truly successful you must have the desire to want it so bad that you will do anything to achieve your objectives
Trait 3: Have Faith That You Can Achieve What You Want
Just like an athlete, you must have faith that you can and will achieve your objective. If you do not have faith that you can achieve success in your business, then you will simply give up when the things get tough and let me assure you as a 10 year veteran in small business, things at some point will get tough and you will skate along the edges of losing everything. You may even fall over the cliff, but you have to have faith to climb up the cliff and continue on your journey.
Trait 4: Have a Clear Plan
Without a plan, you will simply be like a lost animal in the wilderness. Let me ask you this,do you go on holidays without a plan of what you want to do and where you want to go? Absolutely not, because you would simply be lost and would probably see and do nothing. It amazes me though how many small business owners plan their holidays more rigorously than they plan their small business. Remember the old clich