By Lucell Larawan
Making millions is not anymore, a dream for businesses and individuals in the age of technological boom and rapidly growing industries. Many will gain financially. I am not yet in the rolls of the Fortune 500 but I constantly learn from star entrepreneurs. They teach at least six habits and strategies which I hope will inspire you. Read on.
Tip 1: Offer products or services that create value. Something is valuable when customers look for it regardless of cost. A barbershop does not need to offer free candies. A stove does not have to be made of titanium. Valuable means not only unique but relevant and meaningful—what wows.
Yet looking around, I see a lot of copycats. Many simply lower their retail price, and in a short time, the bigger competitors devour them. They do not see what competitive advantage they can build in the long run.
Tip 2: Scale your business at the right pace. Beginners in business usually make wrong decisions about scaling up even if clients do not patronize enough of the company’s products. But suppose you are ready for this strategy, you should see to it that the inventory can meet the demand. More popular items need a higher level of supply.
Tip 3: Be sure to maintain more than one spring. This is a common mistake that I see among my former colleagues—they assume that their jobs are already perfect, so they do not look for other income springs. They do not develop high-income skills not related to their jobs, so they can use them to create multiple sources of income. Big mistake. What they do not see is that if conflicts occur and the work environment becomes a cesspool, they will need to resign; and if already separated from a company, they face the end of their wits.
These days, smart entrepreneurs develop passive income through digital products. Some of them become affiliate marketers. In addition, there are countless ways to develop ideas that bring in more than one revenue stream. You need to develop high-income skills and explore.
What if you still want to farm in the countryside to add to your investment? I see nothing wrong with this except that you must avoid the proverbial pun: “Go home and plant kamote.” Agribusiness is still an option if you are equipped with productivity-boosting practices and have the machinery and capital to produce competitive outputs. If not, you should not waste repeating what does not work.
Takeaway: having only one basket for all of your investment in time and energy is risky.
Tip 4: Be visible in the media. Reaching your prospective clients is very important in your business. Many use digital marketing through the help of an outsourced digital marketer. Or you can do it yourself if you already know how. Have a clear message about your products and be confident.
Tip 5: Care enough for the golden duck. You are behind every idea that involves your business. Take care of yourself by constantly learning. It can be through reading books that can impact you, recommended by recognized entrepreneurs. Or you can also attend business seminars by top marketers or entrepreneurs. Why count the expense if this means gaining your leverage?
Moreover, avoid burnout. Even if people tell you that this is about outworking everyone, working hard without breaks can hurt your productivity. Unknown to you, you might later encounter short breathing, lack of sleep and fatigue—signs of stress. If left with no proper treatment, you might go down the spiral (God forbid). Merel Kriegsman, a business mentor, emphasized: “If you attempt to pull a ‘just keep swimming’ strategy, your ability to receive awesome things in your life starts to lag behind the results you’re seeing in your business, and that’s when self-sabotaging behavior will come and bite you in the butt.”
Tip 6: Surround yourself with seven-figure earners. I constantly listen to podcasts by prominent business stars because I know that their insights can immerse me with the correct mindset. If you have the chance, have five millionaires as your friends. The more you hang out with millionaires, the far more likely you will become one yourself.
On the other hand, I avoid advice that says: “Hang out with people in the street to improve yourself.” I know the right people to hang out with and prefer to be alone if I cannot find them nearby.
Making millions takes a lot of effort with the correct paradigms. Nevertheless, it is not impossible. Analyze these areas I just mentioned and take action.
