7 Tips to Become a Rich Entrepreneur
At the age of 28, Alex Becker created a company with an annual turnover of about $4 million. It also increased its personal net worth to seven digits. And he is now helping other entrepreneurs.
In his book, “The 10 Pillars of Wealth,” this technology entrepreneur and multimillionaire shares his experiences to create a kind of roadmap for entrepreneurs to generate wealth.
When he left the Air Force, Becker founded Source Wave, an SEO software company, which currently generates annual revenues of about $4 million. The company took off and this allowed it to increase its net worth to more than $1 million before the age of 24. Becker is also CEO of the software company Market Hero.
These are 7 key things that, according to Becker, rich entrepreneurs make a difference:
Do not equate time with money
The day has the same number of hours for you as it does for billionaire investor Warren Buffett, but Becker says wealthy people don’t allow time to limit their earning potential.
Instead, they are looking for ways to make money in a passive way, such as developing online businesses that work even after-hours.
President Harry Truman was known for having a sign on his desk that said, “ultimately, I am responsible. The same applies to employers. “If you want to be an entrepreneur, you have to be able to blame yourself for everything,” says Becker.
The key is to avoid problems before they arise, rather than blaming others for causing them.
Spend more time in action
Many times people spend too much time planning to avoid mistakes that never happen. Make a mistake as soon as possible so that you can learn from it as soon as possible, “says Becker.
Focus on money
It may seem obvious, but when trying to get a company off the ground, entrepreneurs must concentrate on generating sales and profits. “Don’t spend time on things that don’t make money,” says Becker.
Adopt a “mentality of abundance”
Initiate a negotiation or commercial presentation with the conviction that customers have unlimited amounts of money. In doing so, entrepreneurs will not be paralysed by the prospect of failure.
They will function more naturally and with greater confidence.
Be little reckless
The millionaires Becker studied aren’t afraid to make mistakes and take risks. In general, they try to move forward with an idea as soon as possible, even if it is not perfect.
They are always attentive to everything that happens and where the world is moving, in order to detect possible opportunities.
If something is difficult or frightening, they will go after it with ten times more impetus instead of staying in their comfort zone.