When thinking about the true definition of an Entrepreneur Millionaire, I think about an individual that was not afraid to either leave the corporate world or avoid it altogether. An individual that jumped right into entrepreneurship after graduating college. An individual that turned down multiple job offers to start his own business instead. An individual that worked 12+ hour everyday for 7 straight years before getting a taste of big success. An individual that had self-discipline, an above average work ethic, confidence in his abilities, and willing to sacrifice certain things to achieve his goals.
The route of entrepreneurship is one of the hardest paths you can take in your life. Most people take the ordinary route which include working for 40 years and living off of social security and their savings if they have any. Earning $1 million in less than 10 years is not easy. Even if you are earning the median income of $52,000 per year, after taxes you are looking at $3,000 per month. Now, if you are single, frugal, and live in a low cost of living city with no kids you can realistically reach your million dollar goal in less than 10 years.
The only problem with this plan is that what if you want to become a millionaire quicker. What if you wanted to make a million dollars in 7 years or less? The answer would be to create a million dollars worth of value, which is no easy task but possible. How would you create a million dollars worth of value?
First, you have to commit to the challenge. Making a million dollars requires hard work, don’t be naive. Also, remember that it takes time. The “overnight successes” you see are really people who hustled for years on years before finally becoming an “overnight success.” Use failures as stepping stones to your success. Without failure, it is hard for you to grow. Consistency and persistence is key, most people are either not consistent enough in their efforts, not persistent enough, or both.
For a goal this big you must be motivated by something bigger than yourself. Having materialistic items as the driving force can only take you so far. To find your true “why” for wanting to achieve this goal, you must self-reflect and think about what contributions can you make to the world. Think about other ways you can enjoy your money which may include donating to non-profit organizations or funding college students scholarships. Their are many ways to contribute to society, so take your pick. I’m not saying that you can’t buy materialistic things, I’m saying that you will feel happier and more motivated if you are striving towards something that has the potential to directly impact other people in a positive way.
Hopefully, once you have identified what mark you want to leave on the Earth you become fully focused on becoming a millionaire. Remember, when it is time for you to leave the Earth none of your material possessions will matter, only your contributions to society will be remembered.
A Million Dollar’s Worth of Value
To reach your goal of becoming a millionaire, you must figure out how to create a million dollars worth of value. Providing $1 million worth of value to one person is kind of tricky and most people do not know how to do it. Another route you can take is provide $1 worth of value to a million people.
A $1 worth of value could be through an in depth article, an eBook, or a course that you give for free. Seeing that it is free, people are more likely to sign up for your e-mail list if you are presenting a compelling gift in exchange for it.
Once you have enough potential customers or visitors, you can decide on what type of business models you want to use to generate more revenue. We are living in a new knowledge society where access to knowledge has become so cheap due to the internet. Offering valuable content for free creates something known as a “value imbalance” which can bring a slew of new visitors to your website. By having a majority of free content, you are positioning yourself as a person that gives much more than he receives and you will be rewarded for that in the process.
If your content is free, how can you make money? Well, you can either continue to create more value, figure out a way to monetize the value you have already created, or both. Optimally, you should do both if you want to continue to grow your website. Creating new value is self-explanatory, but you can monetize existing value by offering affiliate products or your own products through the e-mails you have collected. The main focal point is that once you have created a million dollars worth of value, it is easy to start capturing some of that value.
Change your Perspective
If you want to become a millionaire, you must have the thoughts and perspective of a millionaire. When people are panicking, an Entrepreneur Millionaire is instead gauging opportunities. A regular person is focused on complaining about their problems while the millionaire is more focused on building a solution to their problems.
A way for you to start gaining the perspective of a millionaire is to carry around larger amounts of cash. Instead of having $40 in your wallet, carry around $250. As your income increases, keep raising your comfort zone to get more comfortable in adopting the millionaire perspective.
Realize that as a millionaire, worrying about anything less that $100 is irrelevant. Arguing over $20 dinners is a waste of your time and is similar to fighting over nickels and dimes. Any differences under $100 should not matter since you are making much more than that in a day.
Acting as if you are a millionaire before you are actually a millionaire can help you increase your income ten fold. Bigger opportunities will somehow flow to you once you change your perspective. Treating certain sums like $100 to be irrelevant can cause your mind to grow in ways you could only imagine. Try it.
Becoming a millionaire in 7 years or less is no easy feat but has been accomplished before. As long as you are committed, motivated, consistent in value-producing, and have a millionaire’s perspective you can achieve it. 40 years is a long time, why not speed it up.