Many of the entrepreneurs I meet have a dream of building a million-dollar business. Sadly, many of them never make it. Instead, they struggle and make sacrifices that don't garner the benefits they seek.
Not everyone has what it takes to think and act in a way that will grow a business to multiple six or seven figures. Things like a low-risk tolerance, lack of confidence, and an inability to think beyond their problems keep many entrepreneurs on the hamster wheel of struggle and sweat.
Some of the necessary qualities and skills needed to successfully grow a business can be learned. You must be willing to change and take action. It takes determination, confidence, and commitment, but the intrinsic and tangible rewards are well worth the investment of time and energy.
Million-dollar business owners have a vision with long-term goals in place.
A vision is a dream you aspire to. It consists of three elements:
- Core values.
- Core purpose.
- Visionary goals.
It's best to create your vision statement through soul-searching and an eye to the future, not a few corny sentences that no one identifies with. It is the cornerstone of your company's future, including your plan, strategy, culture, and goals.
Million-dollar business owners plan for challenges and view them as an opportunity.
I work with an entrepreneur who suspected that President Trump would impose tariffs on Chinese imports long before it happened. He left his factory in China and moved production to other countries. The entire transition took just under two years, so it was a costly risk, but he's still in business because of it.
Never make the mistake of thinking things will remain the same because they never do. Your company could become extinct tomorrow, so know your business's vulnerabilities and continue to evolve as conditions change–because they will.
People with million-dollar business potential take responsibility.
Your employees make mistakes, market conditions change, customers quit, and vendors don't deliver on time. None of these scenarios is your fault, but a solid leader takes responsibility and acts to resolve issues immediately, without finger-pointing or blame. They view every problem as an opportunity to improve and develop.
Million-dollar business owners thirst for information and personal growth.
Many of my high 6 and 7-figure clients, and those who will be someday, wake up extra early to read or take in educational and inspirational media. Some add things like meditation, journaling, and physical exercise to the mix. Successful entrepreneurs don't use the “there are only 24-hours in a day” excuse. Mentally downloading useful information is fulfilling and can help you be more focused and productive, which means that 24 hours is plenty.
Successful small business owners take risks.
Savvy businesspeople calculate their risk/reward ratio as a predictor of return on investment. They also engage their intuition or gut feelings when making risky decisions. As you contemplate your next move, allow experience and wisdom to guide you toward your answers rather than acting hastily.
Millionaires wear wings.
Maintaining a bird's eye view of your company, environment, and the future takes a special kind of person. Millionaires are big thinkers and don't get caught up in the day-to-day operations any more than necessary. Keep your eye on your purpose and vision, remain focused on the goals, and imagine yourself donning a beautiful set of wings to keep you out of the weeds.
Big thinkers don't chase bright and shiny objects.
These business owners plan their next moves and stay on track, while less successful entrepreneurs complain they can't remain focused. There are two main reasons for lack of focus: little or no clarity, which causes them to go off-track, and too much involvement in operations. Creative minds need to remain focused but find new ideas fascinating. This fascination can generate tangents that delay or prevent success. This is where your vision, values, and long-term goals play an important role. Before pursuing a new idea, confirm that it fits nicely into your plan and that you're ready for it.
Millionaires respect money.
We all know people who spend money faster than they make it, and most of them are not millionaires. People who possess a millionaire mindset don't spend large amounts of money as it comes in. I've seen entrepreneurs do things like move into expensive offices and purchase luxury cars much too soon, only to end up losing them. I believe in celebrating as growth occurs but avoid being extravagant. Save the big spending for when you have a proven, replicable business model and money in the bank.
You're more likely to become one if you think like a millionaire. To become a successful leader:
- Change your habits one at a time.
- Be contemplative and evaluate your actions.
- Create a plan for personal growth because your mindset determines your level of success.
Successful business owners have coaches and mentors.
Most of my new clients are making money and need the clarity, confidence, and support to build substantial growth. In one recent experience, my client began her coaching experience as a solopreneur with two part-time employees and annual sales of about one-hundred-thousand. She broke the million-dollar mark in about one year and fourteen months later she is very near four million. She grew her team to fifteen talented people.
In another example, my client had a long-standing dream of authoring a much-needed book addressing her niche, but it was only a dream. Seven months into her coaching experience the book is on its way to the publisher! She is already well-known in her industry with high-profile connections and a powerful social media presence. I have no doubt that she will quickly meet her financial goals.
Success is measured in many different ways but always involves a dream. What's your dream? A great business coach will help you make your dream a reality.