Despite the so called economic recession, you can be a millionaire in one year. In fact, you don’t need up to one year to become a millionaire, and this recession is the best time to make money, especially for business people.
Follow these 12 steps and you will be surprised at your financial status in the next 12 months.
- Prepare your mind to become a millionaire
To become a millionaire in less than a year, you must see yourself a millionaire. You must believe it is achievable. Ultimately, you must prepare your mind to face the challenges associated with your dream of becoming a millionaire. You must also be prepared for disappointments and set backs along the way.
Preparing your mind also entails abandoning the employee mindset of working for a paycheck. It’s all about transiting or changing your mode of thinking; it’s all about thinking like an entrepreneur. In the process of preparing your mind to become a millionaire, you must also develop the necessary entrepreneurial skills needed.
“To be successful, you must act big, think big and talk big.” – Aristotle Onassis – Greek Shipping Billionaire
One of such skills is that you must develop a tough skin towards rejection and criticism. You must not give up on your dream just because somebody said it’s impossible.
- Set a goal to become a millionaire in 1 a year
The next step is to set a goal to become a millionaire within a time frame of one year. Write this goal boldly in a place you can see it every morning and night. After setting the one year goal, break it down into monthly, weekly and objectives. The goal and objectives must be written down. Writing it down will help you must make sure each new day is fully utilized to the realization of your goal.
- Look into yourself and list out your strengths
One of the easiest and fastest ways to make money and become a millionaire is to utilize your potential. Every human being is blessed with a gift or has a unique talent that needs to be discovered and harnessed.
Even if you think you are not gifted, there’s definitely something that drives you crazy; something you are never tired of doing. Something you are very passionate about, something you can do and do excellently well. It could be an acquired skill, an in-born talent, your hobby or just anything that thrills you; even if it’s the world’s craziest idea, it’s your strength. Debbi Fields took her passion for baking cookies and made a lot of money out of it with her company; Mrs. Field’s Cookies.
Bill Gates discovered at an early age that he loves tangling with computer programs and this passion evolved into Microsoft. Oprah Winfrey utilized her gift for speaking and became the richest black woman in the world; while Rachael Ray took her passion for cooking and became a famous millionaire. So no matter what your strengths are, you can make something out of it.
All you need to do at this stage is list them out in written form. Now if you feel you don’t have any talent or skill to leverage upon, which I doubt; then you have to ask yourself the following questions:
- What do I have around me that I can leverage upon to become a millionaire?
- What drives me crazy?
- What do I know that others don’t?
Once you can figure this out, you are still on track to becoming a millionaire.
- Analyze your strengths or idea and figure out if it interests others
After listing out your strengths, you need to go to a quiet place and reflect on your strengths. Analyze each of them and tick the ones you are very strong at. After analyzing each one of them, you will need to carry out a preliminary research to know which of your strengths or ideas has potential for success in the market place. This research might require you ask questions, read journals, magazines and books and even spend time on the internet. Any of the research vehicle you choose, just make sure it yields the desired result.
- Draw a plan on how you intend to profit from your strength or idea
If you can get to this stage, then you are half way down the road to becoming a millionaire. This is where you sit down to draw a plan of how you intend to leverage your strength or idea to make money. This is where you convert the results of your feasibility study into a business plan. Your plan is going to contain tactics and strategies that will help you surmount business challenges and achieve your goals faster. If you don’t know how to make an effective business plan, take a course on it.
- Make sure you are legally protected
Many budding entrepreneurs strive to pass through step one to five, only to bypass step six and proceed to seven. This single business mistake has resulted in the death or painful loss of brilliant ideas and opportunities. I have also seen smart entrepreneurs being launched into a world of tremendous wealth simply because they protected their ideas.
Never test run your idea or launch it without first protecting it using patents, trademarks, copyrights, non-disclosure agreement or conformity forms. If you are leveraging someone else idea or product, be sure to obtain a license, distributive rights or exclusive right from the owner. Legally protecting your idea will cost you money in the short run but it will be highly beneficial to you in the long run.
- Test run your idea and note down the result
After protecting your idea, you can now test run it to see its workability and identify flaws. Test running your idea might require you to; give out free samples of your product, grant access to experts to scrutinize your idea or join a focus group. The end point of your test running should be to gather feed back and improve or proceed with the idea. If the product is not yours, you will still need to test the market with it. Nobody wants to be stuck with a dying product.
- Assemble a team to help you expand your idea
If you are smart and open minded, you will assemble a team during the test running of your idea because few will see potential in your idea and will want to be part of it. If this happens, then you need to be selective of who you bring on board as team member. But if not, then you will need to find your own team. Whichever way it works, just make sure your selected team members sign an agreement highlighting their roles and stakes to avoid future dispute.
- Form strategic alliance with stronger external teams
After kicking off with your idea alongside your team, you will surely meet some business challenges and some progress. You may decide to maintain status quo and work strictly with your team but if you need accelerated growth and speedy achievement of your goal, then you need to seek out external assistance. You need to form strategic alliance with stronger external teams; teams bigger than yours. This will reduce your overhead and help you grow faster while still running on a lean budget.
- Stick with the process until you become a millionaire
Finally, we are at it. What else do I have to say, what advice do I have to give at this point? If you have steadfastly gotten to step nine, I say congratulations but I’m still sorry to say that all your effort will be null and void if you ignore step ten; the most important step of all. In the game of entrepreneurship and life in general, many start the race with enthusiasm but along the way, most lose their enthusiasm and others their focus. Only about ten percent will make it to the end of the race. Are you going to be among this ten percent? Only you can decide that.
- Build multiple streams of income
It is easier to become rich when you have more than one stream of income. If your only source of income is your profession or career, it is fine. But, you may need to add other sources that may involve investing in other business opportunities that can help add more money to your pocket. This manner of having multiple streams of income is one of the things that the rich do so well. That is why, if a person would like to join their ranks, it is best to learn how to establish this helpful tactic.
Moreover, while looking for ways in increasing your sources for money is highly important, it may also be best to look into the option of establishing an income source that can have a continuous cycle of earning even if you are doing other things elsewhere. I am talking about passive incomes. Examples, you can setup an online shop on Jumia or konga, both platforms will keep selling your product even when you are working in your office or sleeping in your house. There are so many other passive income streams you can set up. And remeber, with a good system in place, you can turn any business into a passive income generator. One of the techniques we teach our students is how to turn their day to day business, into a passive income generator, because this is the only way you can accumulate money fast, and still have enough time to enjoy it.
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