What does it take to join the millionaire entrepreneur club?
Why is it that most entrepreneurs fail and very few become millionaires? Is it because the latter are connected, smarter, or just plain lucky?
1. Get clear
Millionaire entrepreneurs know where they are going. They consciously think the thoughts and take the action required to achieve their goals. They understand that a lot of success is boring and mundane and they develop skills that allow them to persevere regardless of outside circumstances. They also understand that to achieve a goal, you must get really clear on what you say "yes" to and what you say "no" to. And with every "yes," there is an inherent "no" to something else.
2. Elevate your Worth Barometer
Early in my career, it became very clear that some millionaire entrepreneurs lead amazing lives, and others struggle – never reaching their potential. Sure they both have money but their lives are dramatically different.
Every person has a Worth Barometer which includes their beliefs and self-esteem. Millionaires with amazing lives have a healthy Worth Barometer. This dictates their Wealth Barometer, or financial stability, which is critical to leading a financially free life you love. The good news is, anyone can elevate their worth barometer. The key is to quiet our primitive brain. Focused breathing is a great start. Breathe in through your nose to the count of eight, hold for eight and release for 10. Repeat five times.
3. Create a winning formula
One of the most interesting insights we discovered is that everything in life has a formula. For example, a happy, healthy millionaire operates with one formula, while a sick, miserable millionaire has another. And the best news of all is that if we don’t like our desired results, we simply need to change our formula.
The winning formula that I discovered has three components. The first is foundation and mindset, which includes your Worth Barometer, goals, vision, beliefs, and ability to focus and clarify what you want. The second is strategy or how you plan to make your dreams a reality. The third is execution, the actions you take each second of every day. While some millionaires have only mastered execution, the most successful ones consistently integrate all three components into a winning formula.
4. Master your daily routine
While many share the secret to success is getting up early and working hard, our research showed something very different. Millionaires with health and often relationship issues were notorious and often brag about how little sleep they need and how many hours per day they work.
We found that the key to productivity and living a happy, healthy life isn’t as much about more hours spent working or the lack of sleep but about the effective use of the entrepreneur’s time. And that those with more successful lives were more interested in getting adequate sleep than burning the candles at both ends. Those with a healthy Worth Barometer made self-care a top priority.
An ideal routine begins the day before. The first step is to plan for the next day with your staff and identify the five most important activities you need to complete. Turn off electronics an hour before bed and quiet your mind. If possible, determine when you need to go to sleep — ideally between 9 and 10 p.m. — so you can wake up without an alarm.
Wake up slowly with a “Power Hour” morning ritual that might include focused breathing, restorative or kundalini yoga, meditation, chanting, prayer, and/or cardiovascular exercise. Eat a healthy diet of lean protein, low-starch vegetables, and healthy fat. And limit your alcohol, preservatives, sugar, and junk food.
Arrive at your office earlier than necessary. Complete at least four “Business Power Hours” per day. A “Power Hour” is 50-70 minutes of laser focus and is followed by a “Power Break” where you briskly walk for seven minutes, followed by three minutes of focused breathing and then setting your intention for the next hour.
5. Manage your brain to achieve your goals
According to a study done by the University of Scranton, 92% of people who set New Year’s goals never achieve them. Clearly, to become a millionaire entrepreneur, you must set and achieve your goals.
The first insight we discovered is that you must align your brain to achieve goals. This means your pre-frontal cortex (conscious mind) must be aligned with your primal brain (subconscious mind).
To do this, get clear on your goal. Then affirm your goal. The best format is to write, speak, and listen to your goals in this format: “I am” or “I active” verb. I earn $1,000,000 (in year) with ease. I weigh 130 pounds with ease. I am a millionaire entrepreneur.
Next, visualize your goal. Close your eyes and imagine what it feels like once you accumulate $1,000,000. Or how you feel when you smell the leather from your new Tesla. Not surprisingly, the vast majority of millionaire entrepreneurs shared that they saw their success before they actually achieved it.
By applying these insider secrets you will dramatically improve your odds of fast-tracking your journey from struggling entrepreneur to happy, healthy, millionaire entrepreneur.
Ref: Entrepreneur India.