As an entrepreneur you want to do well. That’s a given. But sometimes it can help to study the lifestyle and work ethic of other entrepreneurs who have succeeded. Many a successful entrepreneur is a millionaire and it may surprise you to learn the results of surveys studying their success. Because people are rich it’s easy to assume they automatically buy certain things and make certain decisions.
We can always learn from the lifestyle and attitudes of successful entrepreneurs and perhaps the first thing we should learn is to not make assumptions. Here are some interesting facts, which may surprise you, about millionaires. They are not good at everything The expression that somebody is a jack of all trades and master of none does not apply to many millionaires. One of their main characteristics is that they know their strengths and weaknesses.
The savvy entrepreneur takes advantage of their strengths and hires people to do the job they can’t do. They cover their weaknesses by employing people who are brilliant at that particular thing. And the lesson for the rest of us mere mortals is that we should not try and do everything ourselves. They work very hard Many people like to think that a huge reason millionaires have millions is luck or being in the right place at the right time. The truth is that the vast majority of millionaires believe the number one reason they turned out to be successful is hard work. They were thinking like hard workers. So you have to be prepared to work hard.
You have to be prepared to get your hands dirty and to put in the time to make your dream come true. Millionaires are not greedy You would be wrong to assume that a millionaire wants you as an entrepreneur to fail so that they, the millionaire can enjoy even more wealth. Nothing could be further from the truth. Some of the really powerful and successful entrepreneurs including Donald Trump are quite open about their belief that they want all entrepreneurs to be rich. Their theory being that if more millionaires are created, if more entrepreneurs become seriously successful then there will be more business and more enterprise to go around and the benefits from that will flow to everyone.
This applies to you in that you should always be willing to help your fellow entrepreneur.
They did it all by themselves
You might be surprised to know that only one in 5 millionaires today inherited their wealth. The vast majority of millionaires today started with next to nothing, worked hard and built their own fortune. And the lesson for you of course is that if they can do it then so can you.
How many streams of income do you have?
Many millionaires today do not rely on a single source of income. They buy multiple stocks or they have different companies and they make sure that if one source of income drops or even fails, they have other successful avenues for making money. While you as an entrepreneur might want to put all your eggs in one basket, it can be wise to think about other ways to generate an income.
But what do they really think?
You might be surprised to know that many millionaires don’t consider themselves to be rich. Everything is relative. The millionaire might have a goal to significantly increase his or her wealth and while they go about planning and achieving that goal, they certainly don’t consider themselves to be super wealthy. The point for us is that we should be happy with what we have while at the same time be always keen to improve and do better.
Never neglect training
Just because somebody dropped out of college and went on to create a billion-dollar company doesn’t mean that millionaires disregard the value of education. There are many millionaires who have a college degree and many millionaires benefit from short-term courses and training sessions with experts.
They are not loners
Many millionaires owe a great deal of their success to such things as friendship, networking and looking out for people who are the best in the business. It’s a lot easier on your stress meter when you are able to call upon people who are brilliant at certain aspects of business and utilize their expertise.
Millionaires don’t always look like you think millionaires should
This might be the biggest surprise of all thinking that because somebody has a great deal of money they will dress a certain way and live in a certain type of house. The trying to keep up with the Joneses syndrome can be self-defeating. A wise millionaire just gets on with getting on.
Millionaires are clever too
Of course we know they’re good at business and making money but they’re also clever. They don’t waste their money. They spend wisely. In a nutshell they buy assets rather than liabilities. Sounds like a really good lesson for any budding entrepreneur. Saving gives them pleasure
You might think that a millionaire will be very free with his or her money. Many are just the opposite. In fact they love to track down a bargain. Saving for them gives as much pleasure if not more than spending. Think about that with your lifestyle.
Are you hands-on with your money?
While it is true that one of the reasons many millionaires are successful is their ability to delegate responsibility to certain people, you may be surprised to find many millionaires are very hands-on with it comes to dealing with their money. No matter how high up the ladder they have reached they are never too high to get down and get up close and personal when it comes to dealing with money.