Starting a business doesn’t make you an entrepreneur. Many business owners have traded working for someone else for self-employment. And who can blame them?
The idea of being your own boss is very appealing. No one likes being told what to do, micromanaged or not being able to put their own ideas into action. Everyone hopes to make more money doing something they enjoy. But you can become a bad boss and an unhappy employee if you end up working countless overtime hours for little pay in your own business.
Business owners often struggle to survive — entrepreneurs thrive and they multiply wealth, not work. So what do millionaire entrepreneurs do?
They dream Big
Some people fantasise about the life they want. Others set goals that never seem to satisfy. Entrepreneurs dream big and set goals that help them achieve those dreams.
Tom Corley, author of ‘Rich Habits — The Daily Success Habits of Wealthy Individuals’ studied both the rich and poor for five years. Corley found that 64 per cent of millionaires in his group were pursuing a dream and 55 per cent had set specific goals to achieve those dreams.
Most people go through life pursuing success based on how others define it and never do the hard work: determining what success really means to them and plotting the steps to make that a reality.
They understand their strengths
Most of us have a stereotype in mind when we think of a millionaire entrepreneur. We think of brazen risk-takers, driven revolutionaries or larger-than-life personalities.
But there are many different types of entrepreneurs. The successful ones understand their strengths and leverage them correctly. They don’t try to be someone they’re not or run businesses they shouldn’t. They know when to team up with others, what motivates them to persevere, and how to make best use of their natural talents.
They make it more than about money
Making money isn’t a strong enough motivator for success. Corley found that 88 per cent of the millionaires he studied were pursuing a purpose in life. This is what helped them to persevere no matter what setbacks they encountered. And this purpose translated into real value for others.
Millionaire entrepreneurs only succeed when they help others to succeed, too. The money comes after they do what they’re meant to and provide a real service to others. As Walt Disney once said, “We don’t make movies to make money; we make money to make more movies.”
They build their personal brand
It’s Richard Branson we think of when we think of Virgin Airlines. Entrepreneurs don’t build thriving enterprises by copying an idea, following a trend or using someone else’s business model. Personal branding helps people to determine their best business fit, model and strategy.
They understand their market
Millionaire entrepreneurs don’t take it for granted that they have a great idea or that everyone will love their product or service. The market should guide you and your ideas ... but great ideas go to the grave all of the time.
Successful entrepreneurs test their ideas, do their research and create their own markets. They don’t rely on a passing fad: they align their offering with their personal brand and the customers that will see the value of both. And millionaire entrepreneurs aren’t reckless risk-takers.
They don’t compete with competitors
Competition can be healthy but it’s easy to get caught up in a race to nowhere. You do have to know what your competitors are doing but a successful entrepreneur understands his competition to understand what he is and what he is not.
If you race to beat your competitors in terms of cost, quality, service or any other functional attribute, you lose customer perspective. Your best customers don’t base their decision to do business with you on functional attributes but their relationship with you, your brand and the emotional value your offering gives them.
You don’t want the customer that only wants the cheapest price, the fastest service or the most convenient choice — there will always be someone that can do any one of these things better than you.
They don’t go it alone
Starting a business takes a lot of work, but millionaire entrepreneurs recognise what they’re best equipped to do and learn to delegate, outsource and otherwise lessen the load. They don’t try to manage employees if they’re not a people person. They don’t spend their time in a lab if they’re best at negotiating deals.
Understanding yourself and the key activities your business requires can help you put together the best team for the best results.
They measure what matters
Success isn’t best judged by money coming in and money going out. Successful entrepreneurs understand that brand awareness, consumer education and market impact mean much more. They measure everything so they can continually update their course and get the best return on investment.
They create multiple income streams
Millionaire entrepreneurs create wealth and protect their businesses by creating multiple income streams. In his research, Corley found that 65 per cent had three or more income streams. Whether they teamed up with affiliates, built joint ventures, made investments of one kind or another, they set up several money-generating systems.
They never stop evolving
As millionaire entrepreneurs measure and scale, build smart systems and income streams, they also realise that their business is not the whole of who they are. A personal brand is dynamic and ever-evolving. It can give rise to multiple businesses and several different paths forward.
The writer is the Founder of www.wduevents.com and Wealth Dynamics Unlimited.
