Do excellent research before investing in anything or starting any business.
Dan Stammen of Plano, Texas, is an entrepreneur and philanthropist. He has engaged in a variety of successful business ventures in the very challenging, but lucrative multi-level network marketing industry. He began his career in 1983 with Herbalife International, a global multi-level marketing corporation. After building his business to over 10,000 distributors strong, he decided it was time to make a change.
As Dan Stammen walked away from the business he had grown, he knew he would meet the challenges of building new markets. He built several sales teams for companies such as Quorum International, The People’s Network, and Pre-Paid Legal Services Inc. (now known as Legal Shield). He grew each of these businesses and after six years of growing Pre-Paid Legal, he sold the business, then joined and helped start WorldVentures.
As most ambitious entrepreneurs, Dan Stammen has always kept his eye on the pulse of the industry. Although he had many industrious investments in the real estate industry, he kept a perceptive eye focused on his next venture.
In 2005, Dan Stammen became the Co-Owner and Chief Executive Officer of WorldVentures. He held that position for 6 of the 13 years the company has been in business. He’s also held roles of Corporate Board Member, Chief Marketing Officer and currently Chief of Business Development. WorldVentures is a thriving travel and leisure membership organization that provides the opportunity for individuals to take luxury DreamTrips vacations at an exclusive membership price.
Where did the idea for your company come from?
Wayne Nugent is the Founder and Chief Visionary Officer for WorldVentures. He created a way to make luxury travel available to everyone at affordable prices through a unique membership concept. I support the idea, as WorldVentures has made it possible for many people to take the vacation of their dreams and develop new meaningful relationships through social interaction at the same time.
What does your typical day look like and how do you make it productive?
I don’t think I can say I have a typical day. I have multiple business investments and so my day has to be flexible. I set some time aside each day as a buffer to address any challenges I may have to address for each. For the most part, I meet with many people and follow up with my teams.
How do you bring ideas to life?
I have a mastermind group. We throw ideas around to determine the value of any particular concept. We analyze the idea and do our research. We make sure that it is an idea that will be productive and cost-effective. If it is a good idea, I bring in my core team to set goals and bring the idea to life.
What’s one trend that excites you?
One of the trends that I would like to get involved with sometime down the road is with our aging population. I am also currently investigating trends towards safety, health, and wellness.
Another trend that really excites me is a company that I am currently investigating. The company has created a natural fire prevention retardant solution. This is a non-toxic product that will prevent anything from burning for up to 3600 degrees. There are so many possibilities that can work in conjunction with the product. Some of the applications are being tested in mattresses, paint, and drywall, or any other construction materials. The company has people speaking with the U.S. Forestry Association. It is a non-toxic fire-retardant solution that will be so beneficial for everyone worldwide.
What is one habit of yours that makes you more productive as an entrepreneur?
I have a lot of good deal flow that comes my way because I’ve been really consistent with taking care of the people that bring me contacts, connections, and ideas that turn into something positive. It’s all about taking care of your network.
Tell us something that’s true that almost nobody agrees with you on.
I have a construction team building a boardwalk that’s 5 feet wide and 800 feet long. The structure traverses through 9 acres of mangrove trees out over the bay behind one of my homes. It ends as it stretches out 150 feet from the land over the water where there’s a terminal platform that’s approximately 20 by 30 feet wide. It’s going to be a place to play, fish, rest, canoe, kayak, swim etc. I have plans to make serious money from the endeavor, but no one agrees with me that it’s a good financial investment. I’m set on proving them wrong and I’m usually right!
As an entrepreneur, what is the one thing you do over and over and recommend everyone else do?
I would recommend that everyone start their day with some quiet meditation. It is good to just get up a half hour earlier and go into a quiet space and close out all the distractions. Focus on your breathing and let thoughts and your inner voice speak to you. Slow down and just be with yourself for 30 minutes without anything going on around you.
What is one strategy that has helped you grow your business?
The top 1 percent of people in this country control over 80 percent of the wealth in the country and that in itself is a BIG CLUE. And after studying these top 1 percent I’ve learned that many of them achieved super success through not necessarily what they know but because of who they know! Most rich and successful people enjoy mentoring others and giving back once they’ve had their fill of success. It’s your job to learn who they are and be in position to receive that help, but it’s imperative you’re prepared and ready. I have a situation right now where this person in my life who is moderately successful. They are constantly grinding it out every day and unfortunately, they were not as of late associating with individuals who could help them move their business forward. Please know that your current income is generally the average of the five people you associate with the most. One day, the person I’m referring to latched onto a well-connected individual who recognized their raw talent and took this person under their wing and together they’ve created massive success. So, one strategy is to find the right mentors in life. Find people who can help you collapse time-frames and introduce you to all the right people in all the right places. If you want to become a millionaire, then take a millionaire to lunch and let them do the talking. If you want to become an expert mother, find one that is better than the rest and take her to dinner. Who are the people you admire, respect, want to learn from the most? Seek them out, meet them and ask for help.
What advice would you give your younger self?
I would tell myself to take much more time than I did selecting and evaluating a company to work for or to work with. I would also say to make sound business choices based on logic versus emotion and consult with those individuals that have much more experience and success than you do before jumping into various opportunities with both feet.
What is one failure you had as an entrepreneur, and how did you overcome it?
Myself and a team got caught up in the hype of a new technology. We jumped in with both feet. We didn’t create a business plan around the concept. We said we wanted to be in this space so badly that we decided that we would figure it out as we went along. Consequently, millions of dollars later, we were still not seeing the success we hoped for. The technology was not analyzed to the fullest degree as there were a plethora of variables that we did not consider. Not to mention the regulatory changes that came in and affected the whole idea. It was a very expensive lesson. We all moved on and looking back I mostly blame myself for getting caught up in the momentum of the idea. But I have never again started a business concept without a business plan plus the expert research required to go along with it. You live and learn.
What is one business idea that you’re willing to give away to our readers?
Become a WorldVentures sales representative even if it’s just on a part time basis. If things work out for you like it has for many others, you will have a lifestyle most people will envy as we have many reps that have earned over 50 vacations to destinations all over the globe in addition to having an excellent income. These same people now have a collection of great life experiences they never had before and they’ve enjoyed many excellent vacations with friends, family, and those they care about the most.
What is the best $100 you recently spent? What and why?
I have a tendency to give money away on the street. I have a good life and I like to pay it forward. Helping someone less fortunate is a gift that I get to experience. Knowing I have made their day makes me feel good, but lets them know that people do care as well.
What is one piece of software or a web service that helps you be productive?
There is an app that eliminates robocalls. It screens out unwanted numbers on my cell phone. I also use Google Drive for cloud storage for photos and videos. My advice is to store your pictures and videos for yourself and future generations. I see having a lot of fun with them down the road once the memory is not the best anymore, being able to look back and reflect or share them with my kids and hopefully grandkids one day.
What is the one book that you recommend our community should read and why?
“The Power of Now” by Eckhart Tolle. The book gave me some techniques that allowed me to control my active mind. Rather than your thoughts controlling you, you be the master of them. Eckhart is a great writer.
What is your favorite quote?
Live life with no regrets!
• Do excellent research before investing in anything or starting any business: Don’t get caught up in the hype of the potentiality of a new technology.
• Selling and Closing are the ABC’s of business. ABC stands for Always Be Closing.
• Identify how you will address your ABC’s and focus on those tasks and success will come.
• Most of my success in business came from the concentrated effort I put into it in the first three to six months. If your work is your play, then you’ll never work another day in your life. So, if you’re going to spend an enormous time at your craft, make sure you love it.
Steve (Stefan) Junge hails from Germany and helps with the day-to-day publishing of interviews on IdeaMensch. While he and Mario don’t share a favorite soccer club, their enthusiasm to help entrepreneurs is a shared passion.