There are some common traits that millionaire entrepreneurs share. For those who don’t believe mindset can make a huge difference to success and wealth – see if you think the same after reading point (7). Mindset changes everything and it’s clear it makes all the difference to long term success. Have a read and see how many boxes you are ticking!
1) They are ambitious & visionary. They imagine a venture in it’s fullness and completion, and then work backward from there – taking action to realise it. Many entrepreneurs technically ‘fail’ in their early ventures. But these young experiences are like ‘rehearsals’ and build their resilience and experience, making them wise and business savvy for the future.
2) They seek out mentorship. When they realise their passion isn’t matched by knowledge and ability, they seek out support. Mature and experienced business mentors can share valuable experience and contacts. ‘Standing on the shoulders of giants’ and using the experience and understanding of major achievers who have gone before us is always a wise investment. They don’t see this is as a failing in their personal experience – they simply see a gap in expertise and fill it.
3) They thrive on knowledge. Many millionaires don’t have a traditional education. But they do have a desire to learn and a passion for knowledge. They have a hunger for what others know and a thirst for continually upgrading their skills and business knowledge – keeping them in the cutting-edge of business
4) They set firm goals. Short term goals sit alongside bigger, long-term goals that ensure their focus and strategy is always maintained. With each new turn, when opportunities and risk arise, they ask themselves ‘is this supporting my goals’. If it doesn’t it’s out.
5) They don’t trade time for money. No-one becomes a millionaire trading their time for money. You are a limited resource and what you create must be scalable. They take themselves out of the ‘critical path’ and build strong teams and outsource. Working ‘on’ the business – not ‘in’ the business.
6) Fall Down 9 times, stand up 10 times. They have tenacity and resilience. Even when a venture meets problems they battle through, or start again building on what they have learnt from each experience and going forward with it. Seeing everything as part of the journey of apprenticeship they are on.
7) There are no mistakes. No failures. Only new learning and wisdom. Above all else, millionaires often have an indestructible mindset, perfectly illustrated by Edison, the inventor of the light bulb. Edison made 1,000 unsuccessful attempts at inventing the light bulb. When asked by a journalist how he felt about all his previous failures he replied, “I didn’t fail 1,000 times. The light bulb was an invention with 1,000 steps.
You see the difference ‘mindset’ can make? It’s very powerful and self-fulfilling. What you believe in is what you will get.
If you don’t have such resilience and vision right now, then consider working with a business coach to get you there. It could change everything.