Author Thomas J Stanley has been examining the super rich for years, his book “The Millionaire Next Door,” became a New York Times bestseller. Dr. Stanley’s main thesis is that the rich live within their means while the wannabe-rich use status symbols (BMWs, Rolexes, Grey Goose vodka) to try to transplant themselves from one economic class to another without doing the hard work of actually earning a place among the super-rich. A couple years back, Thomas released “Stop Acting Rich . . . and Start Living Like a Real Millionaire”. How do you become a millionaire entrepreneur? It may not be quite the way you think. Taken from the theories of Thomas J Stanleys here are 4 habits (I’m sure there are more) to build a business like a millionaire:
Habits Of The Rich Neighbour Next Door
1. Choose a boring industry
I have found that the most profitable businesses are in the least sexy business categories. The scrap metal dealer or the heating and air conditioning company with the grubby vans is likely more profitable than your advertising agency or craft brewery. Generally speaking, businesses that sell to other businesses grow faster than business-to-consumer companies.
A good part of the reason boring industries are more profitable is a simple fact of supply and demand: Fewer people want to make plumbing gaskets than bake cupcakes. Pick your industry wisely.
2. Create a two-color logo
Back in 1995, I started my first business and was convinced I needed a four-color logo. By the time I printed business cards, envelopes, invoices and some basic marketing materials, I had blown through thousands of precious startup dollars. Every time I hired a new employee, I couldn’t use a basic quick-copy center to get his or her business cards. Instead, I had to send the cards off to a professional printer who charged hundreds of dollars per box of fancy four-color cards.
Smart companies make do with two colors. The Nike swoosh was one color. Lululemon Athletica — two colors. John Deere is just green and yellow. Coca-Cola is and always will be red and white.
Book publishers know that two colors is plenty. When my publisher, Penguin Books, sent me mock-ups for the cover of my new book, sure enough, it was two colors. They’re smart, they’ve done the math, and they know two colors is enough to make a cover striking. When applied over thousands of copies per title and hundreds of titles each year, the money adds up.
3. Rent month-to-month
Perhaps because I blew so much money on my fancy logo, I started off skimping on office space, and I think this moderation was the main reason I was able to get my business off the ground.
My first office was my parents’ basement (five-foot ceilings and the scars on my forehead to prove it), but the price was right: $0. The next office was a spare bedroom in the $800-a-month apartment my fiancée and I rented.
I finally moved out of the house two years after starting up and rented a 100-square-foot closet (really) that had no windows and no ventilation system. In order to get any air in the closet, I had to leave the door to the hallway open, which made for some interesting encounters, given that the building was a little seedy and a hot spot for street people and panhandlers. Both my first employee and I toiled from the closet, and I paid $75 a month with no long-term commitment.
The next office cost $250 a month — and had a window. As we grew, I negotiated other month-to-month leases.
After years of skimping on digs, I screwed up. Figuring we had “graduated” as a business and were now successful, I did what Dr. Stanley would have rolled his eyes at: I signed a five-year lease on a trophy office that cost me $20,000 a month. It was way more space than we needed and had individual offices for each of my staff. It was ridiculous, and I would live to regret it. We never actually filled the space and rarely entertained clients there. After five years and $1.2 million paid in rent, my penance was over, and we moved into space that cost less than half as much, with an option (not an obligation) to take extra space if we needed it. Lesson learned.
4. Buy furniture at auction
I think office furniture actually depreciates faster than a car, which is worth 15 percent less the day you drive it off the lot. Determined to bootstrap our first few offices, I paid less than $100 per work station (chair, desk, etc.) for furniture I bought at various auctions over the years.
The best time to pick up office furniture was in 2001, just after the tech wreck, when thousands of well-funded dot-coms blew up, flooding the auction market with Aeron chairs and Herman Miller desks available for pennies on the dollar. In my opinion, we’re in the midst of another enormous technology bubble that will end with a “pop,” and then you too can pick up furniture for a pittance. In the meantime, keep an eye out for auctions in your town.
Here are some highlights from the Washington Post…
- Eighty-six percent of all prestige or luxury makes of motor vehicles are driven by people who are not millionaires.
- Typically, millionaires pay about $16 (including tip) for a haircut.
- Nearly four in 10 millionaires buy wine that costs about $10.
- In the United States, there are nearly three times as many millionaires living in homes with a market value of less than $300,000 than there are living in homes valued at $1 million or more.
- Forget the Manolo Blahnik high-priced shoes. The No. 1 shoe brand worn by millionaire women is Nine West. Their favorite clothing store is Ann Taylor.What are your thoughts on this?Article By John Warrillow from Built To Sell
6 Important Things to Consider When Choosing an Investor
Angel investment is one of the preferred options for starting up your business. Angel investors are successful businessmen, investing their own funds into a potentially rewarding business opportunity. As an entrepreneur, it is crucial for you to choose an investor that can fulfil your specific business needs.
The right investors can add value to your startup, far beyond the capital they bring to your business. You need to be careful in selecting the investors because seed investing is an early stage investment requiring particular skills and experience.
Here are the six important things to consider when screening and choosing the right angel investor for your company:
You should choose investors who have the experience of building, running, or helping startups in the past. They should have a proven record of investing in startups that have been successful in their endeavors. More than their money, their experience is vital, which makes them an invaluable advisor.
Your angel investors should have experience in the same business domain and in-depth knowledge of your industry. If they have achieved success in other domains or industries, they may give opinions on how to grow your business that aren’t applicable in your field. With the requisite experience, they can guide your business through the difficult start-up phase.
Your angel investor should be trustworthy who can keep your company’s confidential information safe without creating problems for you by using that information against you. It is important to choose an investor who gives you not only monetary assistance but also the right guidance and knowledge. A good angel investor is the one who invests in your team along with your business.
3. Risk Taking
The success of your business venture cannot be guaranteed as there are many potential risks that can lead to its failure despite a brilliant idea. It is vital to find an angel investor who is willing to take calculated risks on a rational basis rather than emotional considerations. They shouldn’t be overconfident and they should think differently from the crowd and be willing to learn from mistakes to keep your company going in the right direction.
Angel investors who have been a successful entrepreneur can be very helpful to your business. They have it all to guide and support you to develop a successful business and overcome the challenges that your company can face in the initial stage.
Good business angels are very supportive, helping you in problematic situations. They act as a mentor for you to help you achieve your goals by constantly coaching you and supporting you at every step. They provide time and empathy during your tough times.
These investors have an idea about the highs and lows a new business has to go through before it succeeds. They can give you emotional motivation and help you with their expertise and involvement, ensuring success. They will encourage and challenge you at every step of the way and offer you advice when needed to make you grow as an entrepreneur.
Before you choose an angel investor for your business, you have to ensure that they have realistic expectations about the timeline of the growth of your company and when you achieve your goals. They should even have realistic expectations about how profitable your company will be in the long-term.
Too high expectations can put pressure on your business and make you take risks that can get you off track and not be good for building long-term value of your business. You should select investors who demonstrate flexibility and have reasonable expectations around reporting, communication, and goal-setting.
Angel investors should be patient enough to understand that it takes time to earn profit. They should have the quality of thinking long term and visualizing the bigger picture of your company’s future. Your business angels should be calm and relaxed, and not be the ones who panic and fear to take challenges. It is crucial for them to understand that startups go through highs and lows, and there’s high competition. A good angel investor will remain calm and accept the fact that all new businesses have to struggle in the initial years before they become stable.
When assessing angel investors, you will have to ask them questions about their prior investments, what their expectations are and how much involvement they will take in your business, among other things. You will have to find investors that have the same domain expertise and portfolio companies related to yours.
By considering the above-mentioned points, you will be able to evaluate whether you and the angel investors are aligned and if it is feasible to have a partnership with them in the long-term. Take the help of your network to find the right investors with requisite skills, experience, and funding capacity to get your business global. So, use your due diligence and get the best angel investors on-board!
3 Reasons Why Getting Clear Is Important for Your Business
Everyone goes through times in their lives where blue skies and sunshine are a rarity. Too many clouds and storms, whether they involve business or personal issues, become the everyday occurrence and keep people from achieving whatever they want to do.
There have been many times on this business journey of my own where fogginess and haze have sent me to the mat. Trying to kick out at a 2-count when being pinned with all of this stuff seems unbearable.
In taking a holistic view (meaning looking at the entire picture) of where I am, what has changed? Clarity. Getting very clear on what I want to do and where I want to focus my creative direction. Yes, I’m a writer, content writer, copywriter, ghostwriter and creative. That’s one element of my own life. Another one involves being a voice for the voiceless in the craniofacial community around the world.
But this is not to simply focus on what I am doing now. This is about clarity, about getting laser-focused on what you want to do. If you have a coach or mentor in your life, then I’ll bet you have heard them say on one or multiple occasions that you have to “get clear” on what you want to offer.
Here are three core reasons clarity is an important factor for your business:
1. You Stand Out From The Crowd
You cannot go anywhere on social media and not see people putting out content. Some may be good; others are meh. It does not matter, though, if it is good or not. What matters is about conversion. Does the content turn into sales? Does it attract and speak to people’s problems?
Not everyone can be a jack-of-all-trades. You become a master-of-none pretty quick. Theories abound about niching down and finding that sweet spot where you can deliver your mastery to those in need. Think of the millions of niches out there: cannabis, fitness, spirituality, relationships, finances, food, and on it goes.
Every one of these niches need people who can come in and put clarity around their products and services. If these businesses are not clear on what they do and solve to those seeking solutions, then they are not going to have clients and eventually will have to shut the doors.
Learning to stand out from the crowd is going to make you a powerful voice in whatever niche or field you are looking to dominate in all the time.
“It’s a lack of clarity that creates chaos and frustration. Those emotions are poison to any living goal.” – Steve Maraboli
2. You Attract A Lot of Clients
If you wanted to apply one of those ancient universal laws to your business – for instance, like the very popular Law of Attraction – then you would understand what attracts people to you. Nikola Tesla, one of the world’s greatest inventors, once said that if people understood energy and vibration alone and how that works then they’d understand a lot of how things actually work in the world.
Clarity brings out a new energy from your words and actions. You come from a place of total and unbelievable awareness where you look around one day and go, “Dang, look at all of the people who want my services.”
Trust me. This is one of those lessons that I have to come back to over and over again. People might know who I am and what I do from this or that space. Yet is it really crystal clear enough to a targeted section of people? Um, it’s still a work in progress.
In order, though, to actually move forward in business and have the level of success that I desire, then clarity must come into play. Clarity attracts clients. They solidly know what you do and what you offer. There’s no wishy-washy stuff taking place. Understand this core reason to achieve clarity and watch what happens to your very own business and brand.
3. You Begin To Believe In Yourself
There’s this ongoing idea around “imposter syndrome” that folks on the interweb love to discuss. Showing up online like you are a real go-getter and hotshot, but offline that’s not the same person…that’s a problem.
“Imposter syndrome,” to me, starts happening when a person stretches out of his or her comfort zone and it feels miserable. Instead of getting up at 11 a.m. after working a night shift job, you get up at 8 a.m. to get a head-start on tasks and obligations around what you do. Thoughts like “this will never work out” or “I’m never going to succeed and get out of debt” start swirling around your mind like a bunch of chattering monkeys.
Clarity, though, allows you the benefit of starting to truly believe in yourself. In his famous book “The Power of Positive Thinking,” Norman Vincent Peale writes in the first chapter’s first line “Believe in yourself.” That’s it. Then the book goes on to describe different ways of building up your positive mindset through prayer, faith, action, and other real-life examples. Peale’s work may not appeal to you directly, but the mere thought of believing in yourself and your dreams is appealing.
“Clarity comes from action not thought.” – Marie Forleo
Find yourself getting clear on what you want and where you want to go and begin to truly believe in yourself and your abilities. There are lots of people who definitely need your services and work around the world. There might even be people right in your own town who do, too.
When tackling the issue of clarity for your business, take these three factors into account. Think about them seriously. Take stock around where this can be an effective place for you to succeed every single day.
Look for the sunshine and blue skies in your business. They are there. All you have to do is some sightseeing and all of it will pop out very clearly.
How YOU Can Create a Powerful 10 Year Life Vision
Where do you desire to be 10 years from now? Joel Brown, founder of the well-known website and podcast Addicted2Success, breaks down exactly how to gain clarity in your life and create a powerful 10-year life vision. The vision process that Joel teaches has transformed the lives of hundreds and thousands of people who use it.
You can listen to the full podcast interview here with Joel Brown or head over to my website AshleyHann.com for more inspirational podcast episodes.
Joel Brown is the real deal. He travels the world coaching thousands and thousands of people to stand in their vision so they can turn their dreams into a reality. He has been featured in the Think and Grow Rich movie, Entrepreneur, Forbes, Inc., The Huffington Post, Success Magazine and more. He has sat down with well-known thought leaders such as Tony Robbins, Deepak Chopra, Jay Shetty, Gary Vaynerchuk, Grant Cardone, John Assaraf and the list goes on.
This is a MUST LISTEN episode all about gaining clarity, creating harmony in your life and creating a powerful 10-year vision so that you can live the life you’ve always wanted.
Joel breaks it down for you step by step. In this episode, we go over:
- The 3 key questions you must ask yourself in order to live a fulfilled life and master your 10-year vision
- How to define success for yourself and discover what you really want
- The 8 areas of life to include in your 10-year vision
- The top, prevalent patterns successful people share and why you should adopt them too
- The 3 main limiting beliefs and bullsh*t stories that hold people back from achieving their dreams and goals
- Why dropping perfectionism is so important and what to do instead
- …and so much more!
If you’re more of a visual person then you can watch my video interview with Joel Brown here:
This is an episode you won’t want to miss. Joel Brown is the 10-year vision expert and teaches his vision process all over the globe to thousands and thousands of people. You’ll want to make sure to grab a pen and paper so you can take notes and action on the strategies he shares with you.
OR you can watch it on my YouTube Channel:
His event: www.elevatetribe.net
The #1 motivation website he built from scratch: www.addicted2success.com
His Circle of Influence online mastermind: www.iamjoelbrown.com/applynow
5 Ways You Can Utilize Information Properly and Think More Efficiently
The mind is a complex system of facets, of which some have yet to be discovered. Still, in spite of all this, there has been enough information to help us gain a rudimentary understanding of it. Thinking is what we all do, although what differs is the efficiency and levels at which we do it.
A lot of things influence the way you think, and most of these factors vary from person to person. However, there are some foundations and basic laws that can help you move from just filtering information and utilizing it to think efficiently.
Below are a few ways you can utilize information properly and think more efficiently:
1. Be quiet and listen
We’re constantly bombarded with information, and the nature of this information determines how we respond. Are you the type of person who doesn’t handle bad or even good news well? If so, learn to take a step back, evaluate things, and look for the way forward. It’s something that stock market traders do all the time, and it works like a charm with practice.
2. Never neglect what your emotions tell you
While a lot of people might not know this, it is true that the conscious thoughts we have only represent a small fraction of the events going on in our heads. At any given point in time, you have the unconscious aspect taking in massive amounts of information, most of which we don’t even know are being processed.
Your brain makes conclusions, good or bad, and starts to generate feelings that rule our emotions in the long-run. So, whenever you have a subtle feeling that points you to a certain course of action or thought, don’t ignore it. At the end of the day, that feeling gets its way somehow, and it’s better you come face-to-face with it and understand its nudges better.
“When you react, you let others control you. When you respond, you are in control.” – Bohdi Sanders
3. Never think while under pressure
Pressure can be good, but a lot of the time, it tends to yield counter-productive results. Regardless of what you’re doing, there are times when you feel pressure. What this pressure does is force you to rely less on the part of your unconsciousness that functions like a trained autopilot system (from all of the training and experiences that you’ve had in the past). Essentially, it forces you to overthink things.
You begin to analyze every aspect of what you’re doing, and you end up using parts of your brain that have no business with the specific activity. So, whenever you take the time out to develop a certain skill, make sure you learn to have faith in your instincts as well.
4. Never focus on one viewpoint
Bluffing is something that professional poker players do almost every time. It’s become an art. However, instead of just bluffing on a whim (which also works at times, by the way), most of them employ a simple trick while playing; they think about how the opposing players would act if they weren’t actually bluffing.
In most cases, the brain tends to search the world for filters in order to confirm the beliefs that it holds. However, the problem with this is that it tends to limit you. At the end of the day, you could be dealing with facts that are just not wrong.
“What’s true of the poker game is true of life. Most people are suckers and don’t realise it.” – Michael Faust
According to studies, a lot of people tend to have moments of insight and solutions to problems when they’re not even aware of the fact that the problem is being analyzed by the brain. These are usually moments when you take a stroll, listen to your favorite track, brew your favorite coffee, take showers, and read blogs; when you feel relaxed and comfortable.
This is because insightful thoughts are usually generated by an influx of neural activities that occur in the right hemisphere of the brain. The best time to plug into the mind is when you’re stress-free, so make sure that you engage in activities that relax you more often.
How do you go about maneuvering around and making decisions in a world constantly bombarding you with information? Let us know your thoughts and advice below!
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