Success Advice
15 Ways Rich People Think Differently
What is it that separates the rich from the rest of us?
Steve Siebold, the author of How Rich People Think recently shared ‘15 ways that rich people think differently’ with Business Insider.
The Mentality Of The Rich
1. Rich people think selfishness is a virtue
Average people feel they need to save the world and put others before themselves which is keeping them poor. Rich people take the attitude that if they don’t help themselves first they can’t help anyone else.
2. Rich people have an action mentality
You wouldn’t see a rich person lining up to play the lottery (even before they were rich). Average people are always waiting on someone else to help them get rich – the Lotto, Government, friend or spouse – but it only keeps them poor. Rich people take action and spend time solving problems.
3. Rich people favour specific knowledge over formal education
Average people believe the road to riches is through doing masters and doctorates. Rich people are generally rich because they have made money selling a specific knowledge they have acquired.
4. Rich people dream of the future
Rich people spend a lot of time looking into the future, setting goals and looking forward to what lies ahead. Average people dwell on the past which often holds them back by making them unhappy or depressed.
5. Rich people think about money logically
Average and well-educated people can fall into the trap of thinking about money emotionally and just wanting to retire comfortably. Rich people maintain a logical relationship with money viewing it as a tool that represents options and opportunities.
6. Rich people follow their passion
Oprah Winfrey said it – you’ve got to follow your passion and do what you love. Rich people find a way of getting paid for doing something they love. Average people earn money doing things they don’t love.
7. Rich people aim high
Average people set low expectations to avoid disappointment whereas rich people set huge expectations and follow their dreams.
8. Rich people believe you have to “be” someone
Average people on the other hand believe you have to “do” something to be rich and focus on immediate results. Rich people continuously focus on bettering themselves and learn from success and failures.
9. Rich people use other people’s money
Average people believe they need their own money to make money whereas rich people have no problem using other people’s.
10. Rich people live below their means
It seems contradictory to the above statement but rich people adopt the attitude of getting rich so you can afford to live below your means. Average people live beyond their means.
11. Rich people teach their children how to be rich
Average people teach their children how to survive whereas rich people teach their children from an early age about the world of haves and have nots.
12. Rich people don’t let money stress them out
Average people do. Rich people find peace of mind in wealth and are not afraid to admit that money can solve most problems – allowing them to make more money. Average people see money as a continuous battle and necessary evil they have to endure.
13. Rich people would rather be educated than entertained
Average people are the opposite. They read novels, tabloids and entertainment rather than continuously educating themselves after school.
14. Rich people surround themselves with like-minded people
Average people think rich people are snobs and have a negative attitude towards the super rich. Rich people steer clear of the doom and gloom attitudes and people – adding fuel to the fire of the “snob” label.
15. Rich people focus on earning
Average people focus on saving and miss big opportunities by trying to live frugally. Rich people constantly focus on the big picture – and how to earn the big bucks.
Article by By Sarah O’Carroll | news.com.au
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How to Alter Your Business Approach With Technological Advancements
Keeping up with technological trends has become a challenge for almost every business owner.
Technology’s evolution has impacted everything, and business is no exception. Keeping up with technological trends has become a challenge for almost every business owner. Entrepreneurs unable to do so are being wiped out of the market.
There is no doubt that AI (Artificial Intelligence) and ML (Machine Learning) have taken over the business world. These technological advancements are impacting decision-making, success percentages, and other entrepreneurial aspects.
Adapting to these developments is integral to business success. Let’s explore how you can accomplish these milestones.
Embed the strength of AI and ML.
AI has modified business operations in major ways. For instance, companies have employed bots for customer support. These bots go through an effective learning process via Machine Learning before being able to answer like humans.
According to CyberGhost (CG) bots can also perform detailed data analytics and make business moves with high success percentages.
ML is used more for the analysis of data chunks and generating successful predictions. This simply means that business owners do not have to worry about large-scale financial losses.
In terms of deployment and usage, a reputed company like Netflix employs machine learning for decision-making.
Blockchain is increasing the count of business opportunities
Tampering of financial transactions is quite common and causes severe monetary damage to customers. With the rise of digital payments, this risk has increased.
Blockchain is used to elevate your experience for monetary transfers. It combats penetrating events to extract confidential customer information.
Most business sectors are using block chain but finance and supply chain management sections have a higher count. These two corporate sections have several monetary deposits and withdrawals taking place.
In terms of percentage, approximately 72% and 5% of finance and supply chain firms have implemented block chain successfully.
Dedicate Yourself to Continuous Learning and Individual Development
You invest in learning some of the very important skills, including digital marketing, financial management, and how to gain customers as an entrepreneur.
You need to set up your knowledge base about doing business on Coursera and Udemy with the basics that are necessary for the business, building further by networking with experts through webinars.
Besides, Agile methodology will introduce elasticity to your company: this review and feedback system with further correction regularly will allow for enhancing efficiency and promptly reacting to the market.
Developing key skills to achieve goals
Running a business successfully is not only about having niche/domain knowledge. Business owners need to have communication / soft skills as well in addition to niche information.
Here are some key technical/domain-related areas that business owners should have a strong grip on.
Data Storage on Cloud: These days, companies do not store their data on physical servers. Therefore business owners should know how data is stored/edited/removed/updated via AWS, Azure, Google Cloud, and other platforms.
Data Analysis/Interpretation Qualities: These days, data is as precious as gold. Business owners with data analysis abilities make correct predictions. As a result, their ventures grow in volume.
Development/Coding Knowledge
Programming knowledge gives business owners an edge whether the application is developed in-house or outsourced. It assists in getting updates deployed and handling application underperformance without getting professional support every time.
Hacking proof framework
There is no benefit of having an advanced automated system if can be penetrated. Successful business owners have above-average knowledge of cyber security and hacking attempts. They are able to choose top-notch anti-hacking software without much of an ambiguity.
Communication Abilities/Soft Skills
Here are some key communication qualities that business owners should have:
Communication/Conversation: Business owners should use to-the-point sentences in both written and oral communication.
Issue Resolution Abilities: Business owners should be able to drill down to problems and solve them. This is done successfully only if an entrepreneur has in-depth business domain knowledge.
Agile Implementations
It is mandatory for business owners to have knowledge of iterative/agile models. With such a competitive environment, it is impossible for business owners to succeed without adopting an agile framework.
Create a productive well-crafted Business Strategy
A productive business venture starts with a clear vision. The first factor making a business successful is the idea behind it. It helps with endless growth and combating competition successfully. Katherine Philips once mentioned that business goals are inevitable if goals are set concretely.
- Goals should be based on smart achievements instead of complexity. Focus on the value that each one of them adds.
- Business objectives should not be vague. Key indicators should be constructed to measure the success/failure of each milestone.
- Be realistic when setting goals. Do not aim at impossible milestones since they can be demotivating.
- Milestones/goals need to be time-bound. Set a completion deadline for each one of them.
- Business goals should not be alien. Owners can think out of the box but not be obsolete / unrelated.
Create a productive well-crafted Business Strategy
Business owners cannot succeed without having a network. Some tips help in this case. Attend conferences and professional gatherings to connect with other entrepreneurs.
Here are some other related points business owners should pay attention to.
- Attend meetings and conferences to stay updated with trends and meet business owners who already have well-set ventures. This helps in enhancing the learning curve of new / growing entrepreneurs.
- Being a part of business communities/groups is very productive. When one shares opinions and discusses decision-making tactics, it helps in preventing errors and enhancing success rate.
- Even the most experienced business owners have mentors as learning never stops. Take part in mentorship programs so there is an assurance that you are following the correct roadmap.
Conclusion
There is absolutely no doubt that business dimensions have evolved with technological advancements. Successful entrepreneurs have grabbed these changes in due course of time and continue to evolve. On the other hand, people following old paths and conventional steps fade out of competition. In a nutshell, keep an eye on the processes and practices you follow as these factors decide success rate.
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