Who Wants To Be A Millionaire?

Written by admin on Sunday, March 15th, 2009

This is a great article on becoming a millionaire through business. This article talks about the kind of mindset you require to become a multi-million dollar business. The case studies are interesting and cover different aspects of that mindset. Really, the only difference between the successful 1% and the rest of us is in what we are willing to do. All of this stems from you beliefs however because your beliefs form your thoughts and your thoughts control your actions, and your actions give you results!

In order to achieve what you’ve never achieved before, you must
be willing to do what you’ve never done before.

While this concept may not be a secret to you, the overwhelming
percentage of people who actually apply this principle is
staggeringly low. In fact, less than one percent of the
population actually work according to this unspoken rule.

Is it any coincidence then, that a corresponding one percent of
the American population control more than 80% of the wealth (and
pay more than 60% of the taxes)?

In order to achieve the level of financial success you aspire
to, whether it’s to be a millionaire or a multimillionaire, you
must be willing to do things you’ve never done before.

Start by thinking differently than you’ve ever thought before.
This also means thinking starkly different than the majority of
the people you know.

Ah, yes, this is where it becomes more challenging to implement,
right?

While this article title, Who wants to be a Millionaire, may
have caught the attention of a majority of people, it’s the
entrepreneurial mind that is most likely to implement this
secret to success.

That’s because the entrepreneur is willing to do things
radically different than what currently exists. She’s willing to
go out on a limb, take a risk, and perhaps admit she doesn’t
know as much as she’d like to. She realizes that this is the
first step to increasing her knowledge level, and in so doing,
she will reach another level of success.

Do you have the truth-accepting, leadership-mindset or the
ego-driven, follower mindset?

Let’s look at the following case studies of two different people
who bought the same type of franchise business, with all things
being equal - except the business owners. See which person you
identify with.

Determine whose strategy you’d be more likely to implement.
Business Owner #1, or Business Owner #2. This will give you a
hint as to what you need to put into place to reach the level
you seek.

Case Study #1: Business Owner #1, Vera Truthe, thoroughly
researched the franchise opportunity before she invested her own
money into the purchase of the business.

While Vera was already successful running a similar business of
her own, she knew that this more established business, filled
with systems to automate everything from managing staff to
filling work orders, was going to accelerate her success in
reaching her financial goals.

Vera’s success strategy: Admitting she didn’t know everything
she needed to know to run a million-dollar business, she hired a
business coach who gave her the insight, strategies, tips and
accelerated knowledge that she could immediately implement.

Devouring every book the coach recommended, attending seminars
to develop her leadership skills, and participating in
teleclasses to improve her communication and negotiation
prowess, Vera quickly advanced her knowledge level, and
therefore, was effective in doing things differently in this new
million-dollar business she just took over.

She happily invested in additional equipment, and realized how
important her team was in the overall success of the company. No
longer did she rely on doing everything herself like she used to
do in her mom-and-pop business.

Instead, she learned precisely how to motivate and connect with
each and every team member to fully understand and appreciate
what they brought to the table, in order to give them the tools
they needed to do their jobs effectively.

She used a battery of assessments to determine each person’s
strengths in order to ensure their full potential was reached in
their position. Realizing that although adding an additional
person to the administrative team would “cost” her more, the
work responsibilities required it. Another team member would
ensure her customers would be served quickly and attentively
with the utmost attention they were used to.

She adopted the perspective that, in the long run, this extra
team member would raise the overall profitability of the company
- not to mention that, this person would allow her to have a
life while running the business so she could take necessary
vacations to keep her energy level high.

In the end … Vera enjoyed an extremely profitable, automated,
systems-driven business, while enjoying time off to spend with
family and friends. Her team was thrilled to work with her,
expressing loyalty and commitment to grow with her every year.

Her team continues to learn new and better ways to do things,
and their mission is to always improve and to accept change as a
constant.

——- Case Study #2:
Business Owner #2, Egor Egoiste, saw an amazing franchise
opportunity that looked as though it would solve all his current
problems in the business he was not-so-successfully running at
the time.

It was just the answer he needed! A turn-key million-dollar
business, already established with a brand that was unsurpassed
in the industry. Finally, he thought, he could relax a little
and not work so hard.

Egor’s “success” strategy: Egor figured that all he needed to do
was raise the capital to invest in the franchise. Since he was
already in debt, he figured all he had was a “money issue” and
that’s why his current business wasn’t running as successfully
as it could be, compared to the guys who had the money to run
the business.

Allowing his ego to get in the way, he discontinued his weekly
coaching sessions that were included with the franchise
purchase. He thought he knew all that was needed to know about
running this franchise because it was similar to the business he
was already running. No time for books either - after all, he
needed to get jobs done and run the business.

He refused to do anything differently from the way he ran his
previous company. All the systems and forms and strategies that
were keeping the million-dollar franchise running effectively
were tossed aside as “frivolous” and an “unnecessary” waste
of
time.

When cash flow started freezing up, Egor knew just what to do
the same thing that everyone does when cash is tight: cut costs;
sell equipment; reduce employee hours; do more work yourself;
work harder and longer; fire adminstrative staff that just moved
paper around.

In the end … Essentially, he continued to run this new,
million-dollar, already-established business exactly the same as
he did his mom-and-pop operation. Likewise, he ran this new
business right into the ground, just as he did with his other
business, in a staggering, record-breaking six months!

Egor’s accounts were completely drained within a year. He owed
vendors large sums of money, and he started losing customers
after they began to experience the results of all the cutbacks.

Coaching Corner - Learn & Apply to Your Life: Learning from
other people’s mistakes, and applying the success secrets
gleaned from these two case studies to your small business
decisions can dramatically cut your learning time in half, while
ensuring you don’t get into a business for the wrong reasons.

Have you considered buying a business, but not sure whether
you’ve developed your own leadership and business skills far
enough in order to ensure the business is successful? Do you
have the truth-accepting, leadership-mindset or the ego-driven,
follower mindset?

As you read the above two case studies of two different people
who bought the same type of franchise business, with all things
being equal - except the business owners - who did you find
yourself identifying with? Business Owner #1, Vera Truthe, or
Business Owner #2, Egor Egoiste?

Did anything jolt your mindset prompting you to re-evaluate the
strategies for success you have in your existing business?

You could buy the most systems-driven business, and still lose
your shirt in the small business world if you’re not willing to
accept the systems set up that made the business successful in
the first place. Otherwise, you may have access to a better
system - but if you don’t use the tools and systems in place,
you’re simply asking for trouble.

Summing it up for you …

Essentially, Vera confronted her lack of knowledge in certain
areas, and realized she didn’t know what she didn’t know - until
her coach revealed secrets to running a million-dollar
operation. She quickly realized how she needed to do
dramatically different things in vastly different ways compared
to the mom-and-pop business she successfully ran before. By
learning everything she could from people who went before her
successfully, she gave herself a unique advantage to ensure her
success.

Whereas, Egor insists that he knows what to do, it’s just a
matter of bad luck and other people deceiving him, versus
acknowledging that all he’s doing is deceiving himself. While
Egor thought he was saving money by selling equipment and laying
off staff, he was actually reducing efficiency that created a
hole in his profit-generating business bucket. This hole quickly
grew larger and larger the more he tried to do everything
himself.

If you think you’re buying a franchise or an existing business
to “escape” from the necessary learning that must transpire for
you to reach millionaire status, think again.

If you’re not willing to work diligently and persistently for
the first two years in a start-up company, then you had better
walk away from what seems like a fantastic, problem solving
opportunity.

And, if you insist on doing the same things you’ve always done
in your business, while wanting a different end result, you may
want to check in with your local psychologist, because she’ll
tell you that’s the definition of insanity. (I even have her
number so you can confirm this fact.)

But, if you’re willing to admit you don’t know what you don’t
know, and you’re willing to do what it takes to reach the next
level in your business, even if it means doing things
dramatically different, then you’re on the path to massive
success in anything you touch.

With the right tools, proven strategies, a high level of
determination, and partnering with a seasoned coach who
successfully gets results with the right players, you’ll gain
results in record time.

The Bottom Line: In order to achieve the next level of financial
success you aspire to, whether it’s to be a millionaire or a
multimillionaire, you must be willing to do things you’ve never
done before.

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Deborah Cole Micek and her partner John-Paul Micek are Business
Growth Coaches. They specialize in helping small business
owners, achieve profit-doubling growth in less time than it
would take to do on your own. Through their strategic coaching
programs of the www.BusinessOwnersCoachingClub.com you’re
guaranteed to reach more goals in 12-months than most owners do
in a decade. You can reach Deborah at Deb@RPMsuccess.com or
(888) 334-8151.