With the exception of lottery winners, most millionaires are not surprised by their success because they’ve planned and worked hard to get where they are. They had a million-dollar mindset on the day they started work. A million-dollar mindset is basically a solid belief in your own potential. To succeed in business or property development or as an innovator or even entertainer you need to have a can-do attitude and a belief in your ability to make money.
How a Million Dollars is Made
To make a million dollars over 20 years, we’d have to earn $2,777 a day or $883,333.33 a month. That’s a little more than the average wage, but someone with a million-dollar mindset will just shrug and say, where there’s a will there’s a way. Anyone with a million dollar mindset will tell you that time is not money! Wage earners, paid by the hour, don’t often succeed in squirreling away a million dollars, but wage earners who know how to invest in property or run a side-business may one day have a seven-figure sum in their bank accounts. An incredible number of Australians are now millionaires after starting web-based businesses.
From Zero to a Million: Success Stories
A couple of weeks ago I was researching a column on the incredible growth of the pet care sector in Australia. I came across a news story on Alexis Soulopoulo. He started doing paid dog walking while studying for a Masters in International Management. Next he launched his Mad Paws website, matching dog owners to walkers. Today he has 200 regular walkers. His dog walkers, often vet students and vet nurses, each earn a couple of thousands a week. Mr Soulopoulo business grew so quickly he had to recruit five staff members in the first 12 months of opening. In a 2015 funding round, Mad Paws raised $1.1 million in capital. And all this sprang from one brilliant idea!
In recent weeks I’ve looked at the growing business sectors in Australia and opportunities for new businesses. I read about an American couple who’ve opened a shop stocking gadgets and aids to make life easier for the ageing baby boomers. They also have an online store selling everything from kneeling stools to puzzles that keep the mind young.
Stop Hoping, Start Doing
If you do already own your own business, be aware that you can’t just hope to accumulate wealth over a long time period. You always need to be on the look-out for better products and improved marketing and bettering your services. And don’t be afraid to grow your business by raising prices if the service and products you offer are constantly improving. In business, target anyone with influence. If you are a wholesaler, is there a retailer in your field who sets trends? If the answer is yes, then you need to get your product in that outlet. Do not have a scattered business development approach – target the influential core buyers in your market.
Give and You Shall Receive
In business it also pays to be generous – generous to your customers and generous with your knowledge. You need to build up a halo of good-will around you. You want a company that is open, transparent and give 150%.
Always keep a close eye on sales figures and budgets. Watching the numbers can make the difference between making $100,000 or $1 million. But your business won’t grow to have a multi-million turnover if you run out of cash in the early days! Also, invest in people and bring in more skilled staff as your business prospers.
Do not feel that it’s all down to you to develop a million dollar mindset. Read the biographies of successful entrepreneurs to inspire you and learn from their success. Try to find a mentor who has already turned their business into a million-dollar asset. There is nothing wrong with getting some help. When a doctor gets sick he or she will consult another doctor. As business people you need to consult with and be mentored by successful entrepreneurs.
If you are looking to grow your wealth through property investment, I also recommend finding a mentor and reading about the experiences of successful property investors. You’ll find most millionaires had the backing of a professional team long before they were millionaires. Your lawyer, accountant and marketing manager need to understand your action plan and long-term goals.
Never fall into the trap of thinking that you don’t deserve to be successful or you don’t have what it takes. The biggest obstacle on the road to a seven-figure bank account balance is mindset. You deserve it, and if you have the courage to pursue your dreams you can succeed. Remember no one will believe in you unless you believe in yourself. You will need to be disciplined to succeed. Be prepared to cut back on socialising, but take your family with you on the journey. Can you involve your spouse and children in your business? You do not want to have a million dollars but then find there is no one in your life to share it with. Set milestones or draw up a timeline. If you are sincere about making a million dollars, how much will you need to have accumulated in 12 months, five years, ten years? You also need to be prepared for setbacks and disappointments, whether you’re investing in property, running a business or establishing a career online.
Surround yourself with supporters, people who sustain you and respect your aspirations. Rid your life of toxic people. You need friends and business associates who can motivate, inspire and guide you.
Adopt a Forward-looking Mindset
If you want a millionaire-mindset you also have to live the life. No, I’m not suggesting that you go out and buy a Porsche, but rather look at the people at the top of your game, particularly their skill set. Do they have a knowledge of computer programing, so they know how the software behind their business works? Are they learning an Asian language to make marketing to Asia easier? If your aim is to match their success you must adopt a forward-looking mindset. Dress well and keep improving your education. You need to learn about the lifestyle you’re trying to achieve – how to talk the talk and walk the walk.
Do It for the Right Reasons
Finally, if you genuinely want to make a million dollars make sure you are doing it for the right reasons. Your ultimate aim should be to contribute something real and valuable to this world. You must care about your customers and not just be in it for the money. The world’s top entrepreneurs love their products. Mark Zuckerberg is worth $63 billion, but he has made it so much easier for people to keep in touch with friends and family. The people who rise to the top of their game are not in it for the money, but because they love it!