How Duncan Hines Ate His Way To Wealth!

FE
AR ATU
TI RE
CL D
E!
Self-Employment
How Duncan Hines
Ate His Way To Wealth!
By Jenny Marion
“I’ve run less risk driving my way across country,
than eating my way across it” - Duncan Hines
Sometimes it is interesting to note how much
has NOT changed over the years. People
have always needed good solutions to their
problems. We want answers that are easy to
find, that are accurate and provide quality
solutions, and that save time,
money, and effort. We’ve
always sought out experts who can cut through all the ambiguity and
give us straight answers. Because we put such a high premium on
quality information, the people that provide it can leverage that into
real financial success for themselves.
Today, we have floods of information available at our fingertips on
any subject. The problem in the 1930s and 1940s was that there were
relatively few sources of information available. Consider vacation
planning. Today, there are many resources such as AAA, Travelocity,
or TripAdvisor.com to help you find the best travel values. However,
in the 1930s where could you go for guidance in finding the best
vacation deals?
Duncan Hines Wasn’t A Baker, He Was An Eater!
Duncan Hines, best known today for his name on cake mix
boxes, didn’t build his business on baked goods or recipes.
It was the information that Duncan Hines provided that
made him a business success. Duncan Hines’ story is a
great example of a person who started with no money, but
by providing quality information that answered traveler’s
questions, he was able to build a fortune for himself.
As a young man Duncan Hines was in a unique position
that ended up giving him a lot of first hand travel
experience. Extensive travel was part of his job as a
salesman, but traveling was rare for many people because
roads were just beginning to be built. As roads were built
Americans began to travel more and the demand grew
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for information on where you could go for a good meal and place to stay. The
experiences he gained while eating and staying at various establishments across the
country were insights other people, new to travel, could greatly benefit from.
Duncan Hines’ First Attempt At Self-Employment.
Hines had the idea to share his experiences with others, so they
could also visit places where that provided good values, as well
as, avoid the places he considered substandard. In order to
get started he published a list of all the places he had enjoyed
over the years and gave the list to many friends for a Christmas
gift. His friends loved it and asked for updated lists when new
ones were available, so they could share the information as
well. Based on his friends’ positive feedback he published his
first guide in 1935 called Adventures In Good Eating. It was a
hit and he continued to publish updated editions of
the guide for years in addition to other books he wrote.
It is not uncommon for many new business ventures to
struggle during their first few years. In Hines’ case it was
no different. It turned out he made a good decision to
continue working for someone else while trying to get his
small business venture running. Even though he sold every
copy of his new book, he actually generated a $1,500.00 loss
after paying for the printing costs! Dan Miller, host of the “48
Days To The Work You Love” Internet
Radio show, often advises budding
entrepreneurs to follow that model:
build momentum in your business
venture before you walk off the job.
At one point he had 475 restaurants
listed in his guide. Can you imagine
having eaten at that many different
restaurants across the country? He
IT
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I go traveling
without financially
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may not have realized it at the time, but all those plates of mashed potatoes, chicken
and vegetables would do much more for him than quell his appetite.
The Value Of A Good Name.
Many years later he had built a reputation for providing honest, helpful information.
By continuing to provide answers to travelers’ questions on where to eat and stay, his
name became his greatest asset. Restaurants that displayed the “Recommended
by Duncan Hines” sign, rented to them by Hines, could expect increased business
because of their association with his name. Seeing the value of this led him to sell the
rights to his name, which was then placed on consumer food products. Hines had
become a very wealthy businessman.
How can you apply the lesson from Duncan Hines’ success story to your own life? He
was able to turn information and reputation into wealth. Those two intangible assets
are critically important to customers and employers who want value for their time and
money. Information that solves problems and a reputation of integrity and honesty
bring business success. As an employee or as an entrepreneur what information do
you have that can solve someone’s problem? Do you have the kind of reputation that
draws paying customers or employers to you before your competition? How will you
work on acquiring these two things today? TQR
“To introduce travelers to the refinements of good living,
while seeing America.” - Duncan Hines
The Quarter Roll July/August 2011
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