Become a Multi-Millionaire Entrepreneur
Money isn’t everything. Not by a long shot. Everyone’s definition of “success” is different.
For me, money doesn’t matter all that much, but I’ll confess, it did at one time (probably because I didn’t have very much!). Let’s say, like millions of other people money is in your definition of “success”. What kinds of things should you do to increase your chances of becoming a multi-millionaire entrepreneur?
Here are the steps I’d suggest. They’re neither easy nor fast. But, they’re more likely to work than the quick and easy path.
1. Become a Multi-Millionaire Entrepreneur: Don’t obsess about money.
While it sounds counter intuitive, maintaining a laser-like focus on how much you make distracts you from doing the things that truly contribute to building and growing wealth. So shift your perspective. See money not as the primary goal but as a by-product of doing the right things.
2. Become a Multi-Millionaire Entrepreneur: Choose your friends wisely.
“It’s better to hang out with people better than you. Pick out associates whose behavior is better than yours and you’ll drift in that direction.” ~ Warren Buffett
When you surround yourself with successful people, your own success will follow. Likewise, surrounding yourself with unsuccessful people tends to have the anticipated effect. Your income is usually the average of the incomes of your three closest friends. If you want to earn more, hang around people who earn more. It’s all about aligning your mindset with the mindset of successful people.
3. Become a Multi-Millionaire Entrepreneur: Buy yourself more time.
Time is more valuable than money itself. Hire people for things you’re not good at or aren’t a productive use of your time, whether that be managing your business website or your household chores. But don’t kid yourself that those who hit it big don’t work hard. Financially successful people are consumed by their hunt for success and work to the point that they feel they are winning and not just working.
5. Become a Multi-Millionaire Entrepreneur: Work to learn.
“When you are young, work to learn, not to earn.”
Working for someone else isn’t about the money, especially in the early years. It’s about developing the skills and traits you need to develop to become wealthy. That may mean working a sales job to better understand the world of selling. Or it could mean you work for a large corporate to better understand business operations and management. If you want to be successful, you should be working to learn the skills you need not to earn a high salary.
6. Become a Multi-Millionaire Entrepreneur: Pay yourself first.
One of the first steps to making money is having the capital to fund your investments that will compound your money. That means you need to plan to save. What do you do first when you receive your pay: spend first and let the remaining be your savings? Or do you save before you spend? If you’re spending first, you need to change your thinking.
Paying yourself first before spending will make sure that you have a good amount of money saved every month. I like to follow the 50/20/30 budget – 50 percent of your income goes to the essentials (groceries, mortgage/rent, utilities, essential items), 20 percent goes to what is considered “lifestyle choices (entertainment, holidays, non-essential items) and the remaining 30 percent goes to savings (savings account, portfolio additions etc). If this isn’t realistic, start with saving 10% of your monthly earnings whilst aiming to increase it.
4. Become a Multi-Millionaire Entrepreneur: Embrace being uncomfortable.
“In investing, what is comfortable is rarely profitable.”
It’s comfortable to work a “safe” job. It’s comfortable to work for someone else. Extraordinary things happen when we put ourselves in uncomfortable situations. Starting your own business is a risk and risks can be uncomfortable, but a little risk is what it takes to create wealth and achieve superior results. Look at all your options and step out of your comfort zone.
7. Become a Multi-Millionaire Entrepreneur: Create Multiple Flows of Income.
Don’t depend on one flow of income but instead create a number of revenue streams. I was working a full-time corporate job when I invested in my first business. When it was generating a seven-figure income, I started investing cash in pooled real estate development. Once my real estate and my business were churning, I went into another business, and so on.
8. Become a Multi-Millionaire Entrepreneur: Focus on helping people, even in small ways.
The most successful people I know – both financially and in other ways – are shockingly helpful. They’re incredibly good at understanding other people and helping them achieve their goals. They know their success is ultimately based on the success of the people around them.
Work hard to make other people successful: your friends, family, employees, customers, vendors and suppliers and your own success will follow. Plus you will have built a business – and a life – you can be truly proud of.
9. Become a Multi-Millionaire Entrepreneur: Don’t think about making a million dollars, think about serving a million people.
When you only have a few customers and your goal is to make a lot of money, you’re looking to find ways to wring every last dollar out of those customers.
But when you find a way to serve a million people, in time, your business becomes something you never dreamed of – because your customers and your employees have taken you to places you couldn’t even imagine. Serve a million people – and serve them well – and the money will follow.
10. Become a Multi-Millionaire Entrepreneur: See making money as a way to make more things.
“We don’t make movies to make money, we make money to make more movies.” ~Walt Disney
Generally there are two types of people.
One makes things because they want to make money. What they make doesn’t really matter – they’ll make anything as long as it pays.
The other wants to make money because they love what they do and they see making money as a way to do even more of what they love. They dream of building a business that makes the best things possible and making money is the way to fuel that dream. As they make money they reinvest that money in a relentless pursuit of excellence.
11. Become a Multi-Millionaire Entrepreneur: Track your progress.
We are what we measure, so track your progress at least once a week against your key measures. Maybe you’ll measure how many people you’ve helped or how many customers you’ve served.
12. Become a Multi-Millionaire Entrepreneur: Have a routine.
Achieving goals is based on creating routines. Say you want to land 100 new customers through inbound marketing; your routine is to create new content, new videos, new podcasts, new white papers, etc. on whatever schedule you set. Stick to that routine and meet your deadlines and if your content is great you will land those new customers.
And so there you have it. Soon you’ll be good. Then you’ll be great. One day you’ll be world-class. And then, probably without even noticing, you’ll also be a multi-millionaire. You know…if you’re into that sort of thing…