April 3, 2018 | Biz Info

Daily Archives: April 3, 2018

From Entrepreneur to Millionaire – See the Difference!

“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you.”

~ Charlie Munger

Have you ever wondered what entrepreneurs did to become millionaires? and how they easily became multi-millionaires?
They became millionaires because of their dedication, patience and focus. They became multi-millionaires so easily because after reaching their first million, everything else falls into places.

However, they say it’s difficult to reach their first million. Why?

Because most entrepreneurs often hold themselves back from the following mentalities:

1. Not believing in yourself.
The biggest thing holding you back from becoming successful it’s the fact that you don’t believe in yourself. Instead of second-guessing every move you make, trust your gut and go with your intuition instead of waiting for insights from those around you.

As Dale Carnegie once said, “Inaction breeds doubt and fear. Action breeds confidence and courage. If you want to conquer fear, do not sit home and think about it. Go out and get busy.”

2. Doing everything yourself.
Despite wearing multiple hats and being a jack of all trades, it’s impossible to do everything on your own. Let’s say that you just launched a startup. You need to hire talented individuals who enhance your strengths and pick up the slack in your weaker areas.

Learn how to outsource and delegate the tasks that you’re not familiar with or aren’t as strong in. This is one of the secrets that entrepreneurs rarely tell you, but it’s essential if you want your business to grow.

3. Spending everything you make.
It’s tempting to go out and buy a luxury car after receiving a six-figure check. The thing is, wealthy people know how to live below their means, as opposed to spending everything that they just made. Many wealthy people, such as Warren Buffett, live in modest homes and drive practical cars.

4. Setting unrealistic expectations.
While the wealthy definitely dream big, they also set realistic expectations. They’re well aware that they’re not going to become millionaires overnight. It takes a lot of hard work and patience to achieve their goals.

As any marathon runner will tell you, you can’t expect to run 26 miles without the proper training and conditioning. Review the progress you’ve already made and where you’re headed.

5. Spending time with the wrong people.
The rich don’t waste their time by associating with the wrong crowd. I’m talking about the naysayers and negative people who keep telling you that you can’t achieve your dreams, or the people who are using your success to their advantage.

Instead, the rich spend time with like-minded people who are driven, passionate and thinking about how amazing their future is going to be. They are always building their brand.

6. Relying too much on plastic.
Credit cards can be useful if you need to build your credit or invest in your business as long as you’re smart with how you use them. It’s incredibly easy to get yourself into credit card debt. That means that instead of making wise investments or putting money into your business, you’re busy paying off your credit card bills with those high interest rates.

7. Not planning for the long run.
The wealthy have a knack for always looking toward and planning for the future. They know where they want to go and what it will take for them to achieve success. This allows them to anticipate any obstacles and have a plan in place to handle those challenges.

If you are starting a new business venture, you need to have a long-term plan that addresses how to attract and retain clients and customers and outlines how you’re different from the competition.

If you have any or all of the above mentalities, don’t let it stand between you and your first million.

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