Dr. William D. Danko Ph.D. This is Me

Education

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1. 1. www.vfdc.org

   www.vfdc.org/course_info.html? - [Cached]

   Published on: 12/25/2007   Last Visited: 12/25/2007

   Dr. William Danko & Mr. G. Kent Mangelson
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   William Danko is the co-author of "The Millionaire Next Door", one of the best selling non-fiction books in the history of modern day publishing. Mr. Danko will give you greater insight into the definitive study of the world's most financially successful people and how those people achieved their wealth.
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   William D. Danko, PhD, MS, MBA, is an associate professor and chair of marketing at the University of Albany, State University of New York. Dr. Danko earned his PhD at the Lally School of Management and Technology, Renselar Polytechnic Institute, in Troy, NY. His book, The Millionaire Next Door, has been ranked as a bestseller by the New York Times for more than three years, selling more than 2.5 million copies and continues to be Business Weeks long term best seller.

2. 2. Press Release 3

   www.hafnervaluation.com/pr3.ht - [Cached]

   Published on: 1/12/2007   Last Visited: 4/5/2007

   William Danko, co-author of the best-selling "The Millionaire Next Door," sums up his personal mission statement with a quote from Benjamin Franklin: "I would rather have it known that I lived usefully, than I died rich."
   ...
   Explaining the popularity of the heavily researched study on the lifestyle and spending habits of millionaires in America, Danko acknowledges a trend toward a simple, more fulfilling life that involves spending less. But he primarily attributes the book's success to the "profound truth" found between its covers.
   
   "We studied information from a variety of sources--the IRS, the Census Bureau, our own extensive proprietary surveys, focus groups and personal interviews," said Danko, "and found that most millionaires work hard, live below their means, and don't give up."
   
   Danko said results have been corroborated in similar research studies and, not surprisingly, in one of Ben Franklin's essays, "The Way to Wealth," written in 1757, which advises the reader to be industrious, prudent and frugal.
   
   "That's the mantra of `The Millionaire Next Store,' " said Danko.
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   Bill Hafner, president of Metroland Executives and owner of Hafner Valuation Group, a real estate appraisal office in Latham, agrees with Danko that the successful entrepreneur must have the requisite "fire in the belly."
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   Danko says the support and perspective of others can help the entrepreneur understand market realities.
   
   "It is critical to understand who your customer is," he said. "Consider the fate of so many dot-com companies over the past year who failed to do this. Many that are now defunct used the following reasoning: `There are 6 billion people on this good earth. All I need is 1/1000 of 1 percent, and I will have 60,000 customers.' "
   
   Sounds good, says Danko, until they try to define the common denominators of where customers live, what their needs are, whether they have the money and whether they will be loyal, among other things.
   
   A good entrepreneur realizes that all customers are not created equal and understands the concept of "buyer readiness," added Danko. He also stresses the need for "marketing triage," the practice of firing marginal customers and catering to those who have future profitability and a network that will allow for positive word-of-mouth.
   
   "To be a successful entrepreneur, you must have both the will to win and a clear understanding of the market you wish to serve. Only then can you create sustainable customer satisfaction, which in turn will bring a positive cash flow," Danko said.
   
   As a marketing professor, Danko said he tries to inspire his students to have a "will to win," though he is not sure this is teachable.
   
   "I focus instead on tried-and-true market-segmentation principles in my marketing research and strategy courses. So if a student has the will, I know at least that I have done my job by providing them with the way," he said.
   
   And Danko does his job with gusto, said Andrew Murphy, a student of Danko's who says his professor constantly drives home the need for focus, drive and determination in business. And Danko does his job with gusto, said Andrew Murphy, a student of Danko's who says his professor constantly drives home the need for focus, drive and determination in business.
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   Michael Laddin, a local entrepreneur and a former student of Danko's who graduated in 1980, said Danko helped him with both the "will" and the "way."
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   "Bill adds perspective to my passion," said Laddin.
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   Danko sits on the company's volunteer board and is an invaluable resource in keeping his company "pointed in the right direction," Laddin said.
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   "Danko is a well-grounded advisor who can keep our values and what's important in life at the forefront of our company's efforts," said Laddin.
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   And the success of "The Millionaire Next Door" has proved a big advantage, Danko said. It has allowed him to be a faculty member at the University at Albany while meeting his financial and personal obligations to his family and his community.
   
   "My father died when I was 5, and my Mom cared for my quadriplegic brother up until she died in 1998 at the age of 83," said Danko. "I am close to my brother, and when I inherited [the care of] him, whom I can fortunately support, I felt very blessed. There's no [other] way I could do all this and pay for my kids' tuition."
   
   Along with Ben Franklin's philosophy of usefulness, Danko sees the Golden Rule as a guiding principle in both his teaching and his writing.

3. 3. books.global-investor.com

   books.global-investor.com/page - [Cached]

   Published on: 12/8/2007   Last Visited: 12/8/2007

   William Danko
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   William Danko PhD, is associate professor and chair of marketing at the University at Albany, State University of New York. His publications have appeared in the Journal of Consumer Research, Journal of Business Research and other leading journals.
   
   Books by William Danko
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   The Millionaire Next Door by Thomas Stanley,William Danko