Are you interested in becoming a millionaire entrepreneur? You’re not the only one. We all dream of becoming our own boss, living the millionaire lifestyles we see on television. There is, however, a difference between dreaming of becoming a millionaire and actually becoming one.
The key is mindset. Unless you develop this mindset, you will continue spinning your wheels, working hard, but not getting anywhere.
In the #1 New York Times bestseller Secrets of the Millionaire Mind, T. Harv Eker states: “Give me five minutes, and I can predict your financial future for the rest of your life!” By identifying your mindset, he does this.
You must stretch your thinking in order to develop a millionaire mindset. Here are 10 ways you can get started.
Table of Contents
- 1. Be visionary
- 2. Be passionate about your work
- 3. Take a solution-oriented approach
- 4. Develop your leadership skills continuously
- 5. Focus on growth
- 6. Think from the standpoint of being instead of doing
- 7. Focus on your goals
- 8. Invest your money instead of spending it
- 9. Don’t stop learning
- 10. Embrace the attention
1. Be visionary
You have to determine why you want to be a millionaire or to have a seven-figure business if you desire to be a millionaire at some point in your life. As I was entering my 20s, I was driven to make money. A number of business successes and failures taught me that it’s not so much about how much you earn, but what you can do with it.
What are your motivations for becoming a millionaire? You must know precisely why you do what you do, so that even if times get tough, or you don’t want to wake up at 4 in the morning or make another cold call, you are motivated to keep going.
How would you like to make an impact? How will achieving your seven-figure goal positively impact your life, and how will it negatively impact your life if you don’t? As we express our vision and our “why” to others, the number of inspired actions we’ll take to reach our goals exponentially increases.
Entrepreneurs with very big missions are some of the greatest in the world. Their destinations and reasons for going there are clear. The impact and legacy they are leaving behind are well defined. How can you make a difference? What legacy would you like to leave? In order to achieve rapid growth, you must connect with your impact to the extent that it will make you more willing to do uncomfortable things.
Moreover, millionaire business owners are very focused on the now. Rather than putting off the inevitable, they do what has to be done right now, no matter how terrifying or impossible it may seem. You will get what you want if you know why you are doing what you are doing and are a “now” type of person.
2. Be passionate about your work
When you love what you do, you don’t feel like you’re working. As a result, money will inexorably flow to you and through you when you love what you do. Simply changing the way you think about it can change your whole mindset, even if you are working in a job or career you don’t like.
Consider your job as a banker who is supporting you as you work toward your goals. Put some life into your current situation and change your outlook so that you appreciate your job for giving you the opportunity to do what you enjoy.
3. Take a solution-oriented approach
Your business must solve a specific problem.
A solution-focused individual also sees options where others see problems, regardless of their circumstances. The millionaire mind knows that when things get tough and most people pack it up and head home, there’s always a solution, and that no matter how big the challenge or problem, it’s a blessing in disguise. You can reap benefits from failure as well.
Taking a solution-oriented approach keeps you in a positive frame of mind and prevents you from being rattled by circumstances beyond your control that could derail others. As an entrepreneur, you face greater pressures, responsibilities, and problems.
A millionaire looks forward to challenges because he knows abundance awaits him on the other side. A solution seeker attracts others who seek solutions as well.
4. Develop your leadership skills continuously
Your life and business will dramatically change when you focus on your leadership skills. Take a look at the book The 21 Irrefutable Laws of Leadership and learn them. You’ll attract more like-minded leaders to your business as you grow your leadership skills.
The law of the lid, which is one of my favorite irrefutable laws of leadership, states that you are your own container’s lid. In other words, it is up to you to limit your business’s growth. You will blow your business’s lid off if you improve your leadership skills.
5. Focus on growth
Business owners who are millionaires pursue their own personal development endlessly.
Getting a coach is the first step. In business or in life in general, having a coach had a greater impact on my life than anything else.
The second thing you should do is to be coachable. You often put up a wall between yourself and the advice you’re receiving when seeking wise counsel. You cannot see your life and business from a coach’s perspective.
Don’t be afraid to rely on your coach’s wisdom and full context perspective. Business will grow faster and farther if you are prepared to hear and assimilate feedback.
6. Think from the standpoint of being instead of doing
Entrepreneurs, especially, continually strive for things that will make them feel significant and good about themselves, including a new car, a new house, new clients, and so on. When they become millionaires, they feel like they have accomplished something significant and meaningful.
However, this is the wrong approach. In order to be a millionaire, you must first think and act like one. This will lead to you attracting the resources needed.
Doing something for the sake of having something or being someone is not the point. First and foremost, you must possess what you need to take inspired action. Millionaires must think like millionaires, have the assets that millionaires have, and then act like millionaires.
7. Focus on your goals
It’s almost impossible not to set firm goals if you don’t have any. You can only become a millionaire by winning the lottery. Setting attainable goals will lead you to becoming a millionaire. Invest slowly and you will become wealthy.
What kind of goals might you set to make your first million dollars? Let’s discuss. Suppose you start with a break-even position – you make enough to live comfortably and afford a few luxuries.
Within one year, you can aim to have $10,000 in the bank. This won’t be easy, but you can do it. In order to reach that goal, you need to determine the steps you need to take.
Prioritize growth before cutting back. Consider whether you might be able to negotiate a pay increase with your boss, or if you could find a job that pays better. Even if you’re comfortable at your old job, do not let it stunt your growth.
In addition to your work skills, you may have other skills you can monetize to increase your income. Is it possible to design websites or alter clothes for people, for a fee, of course.
Cutbacks are the only way to make the money you need to save $10,000 in a year. What do you have lying around that someone else might want? Consider selling it! Couldn’t you make your own lunch for a fraction of the cost when you spend $10 a day on lunch at work?
You must begin accumulating money if you wish to become a millionaire.
8. Invest your money instead of spending it
Accumulating money is necessary for step three. Money is truly valuable when invested, which is why millionaires tend to be frugal. You become a millionaire by being your own boss. At some point, you will need to leave your job.
Make your money work for you instead of working for it.
Spending $500 on stocks would be a better choice than buying a new iPad. Find the right shares (we’ll talk about that later), and your money could easily double within a year.
Property, as well as your own education, are not only important factors in the stock market.
9. Don’t stop learning
Investing in yourself is the best investment you can make.
Most people believe their learning days are over when they leave the education system. It may be so for them, but it shouldn’t be for you. Those who succeed are always learning and adapting.
In his early twenties, Warren Buffet, the billionaire investor, read more than 100 books on investing. After finishing school, most people don’t read another book. What would you rather be?
Learn all you can about how economics works, how the stock market works, how it trends.
Acquire new skills. Find out everything you can about your chosen field if you have an interest in it. It’s remarkable how skills that seem useless can turn out to be extremely valuable in the right situation.
Create a habit of continuous learning for a better you by learning new things every day.
10. Embrace the attention
Successful people are willing to promote themselves and enjoy the attention to some extent. Money can be attracted by attention to your brand, not necessarily on you.
Getting your name out there should never be an embarrassment. You must find a spotlight and be bold enough to step under it.
You might contact the local papers if you own a business. Many publications are willing to run an article about you and your business, and it’s free publicity.
Above all else, remember that you are in charge of your own destiny. Keep pushing until you achieve it.