What It Takes to Become a Millionaire Business Owner
What It Takes to Become a Millionaire Business Owner. Not everyone has the qualities and characteristics it takes to become a millionaire, but some things can be learned.
Every entrepreneur dreams of hitting a financial target that will give them the freedom they want in life. Sadly, many of them never make it, but rather struggle and make sacrifices for most, if not all, of their careers.
Not everyone has what it takes to think and act in a way that will make them a millionaire. Things like a low-risk tolerance, lack of confidence, and an inability to think beyond their problems keep many entrepreneurs on the hamster wheel of struggle.
Some qualities and skills can be acquired if you are an aware individual who’s willing to change and take action. It takes determination, confidence, and commitment, but the intrinsic and tangible rewards are well worth the investment of time and energy.
Millionaires have a vision and long-term goals.
A vision is a dream you aspire to. It consists of three elements:
- Core values.
- Core purpose.
- Visionary goals.
Your vision statement is not intended to be a few corny sentences that only prove you’ve tried; it takes deep thought and exploration. It is the cornerstone of your company’s future, including your plan, culture, and goals.
Millionaire business owners plan for challenges and view them as an opportunity.
I work with an entrepreneur who suspected that President Trump would impose tariffs on Chinese imports long before it happened. He shut down his factory in China and moved production to other countries. It was a risk since it was costly, and it took two years, but he’s still in business because of it.
Never make the mistake of thinking things will remain the same because they never do. Your company could become extinct tomorrow, so know your business’s vulnerabilities and continue to evolve as conditions change–because they will.
People with a millionaire mindset take responsibility.
Your employees make mistakes, market conditions change, customers quit, and vendors don’t deliver on time. None of these scenarios is your fault, but a solid leader takes responsibility and acts to resolve issues immediately, without finger-pointing or blame. Every problem is viewed as an opportunity to improve and develop.
Millionaires thirst for information and personal growth.
Many of my millionaire clients, and those who will be someday, wake up extra-early to read and take in educational and inspirational media. Some add meditation, journaling, and/or physical exercise to the mix. Millionaires don’t use the “there are only 24-hours in a day” excuse. Mentally downloading useful information is fulfilling and can help you be more focused and productive, which means that 24 hours is plenty.
Millionaires take risks.
Smart businesspeople calculate their risk/reward ratio as a predictor of return on investment. They also engage their intuition, or gut feelings when making risky decisions. As you contemplate your next move allow experience and wisdom to guide you toward your answers rather than and acting hastily.
Millionaires wear wings.
Maintaining a bird’s eye view of your company, environment, and the future takes a special kind of person. Millionaires are big thinkers and don’t get caught up in the day-to-day operations any more than necessary. Keep your eye on your purpose and vision, remain focused on the goals, and imagine yourself donning a beautiful set of wings to keep you out of the weeds.
Millionaire thinkers don’t chase bright and shiny objects.
Millionaires plan their next moves and stay on track. Other entrepreneurs complain that they can’t remain focused. There are two main reasons for that: they are too involved in operations and/or they go off on tangents. Creative minds need to keep engaged and new ideas feel exciting. This is where your vision and long-term goals play an important role. Before pursuing a new idea confirm that it fits nicely into your plan and that you’re ready for it.
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