Most people aspire to become millionaires but few do. 65%-75% of all businesses started in America fail within 10 years. Less than 400,000 of the 26 million businesses in America have annual revenues greater than $5M. What is different about the ones who succeed and the leaders of these successful businesses who become multi-millionaires?
We have an ongoing quiz on the Business Thinking Institute’s website – ‘Are you Wired for Business Success’ – to figure out what makes some people more successful in business than others. This article is the first in an ongoing series that examines the attributes of successful business people who can be modeled to enhance each of our personal business success. This article specifically looks at the data on multi-millionaires and their beliefs about business and money.
The business millionaires among the respondents have a LOT in common among themselves (and very different from the quiz takers who are still aspiring for monetary success in business). Find out how much you have in common with the successful business people – read on or, better still, take the quiz and find out your own ‘wiring for business success’(click here).
Of the business thinkers who are already millionaires, about half of them believe that if you set your mind to making money, you can. The other half believes that if you get the right education and work hard, you will be able to make money. None of them have doubts about their ability to make money (many non-millionaires do).
All of them grew up hearing that business people are good and important to society, and that they should be respected for the risks they take and the jobs they create. None of them heard negative stereotypes about business people – that they only care about money or that they plunder society and such.
All the millionaires grew up wanting a much higher standard of living than their parents had. In contrast, 20% of the non-millionaires aspired only to the same standard of living as their parents have. Unless their parents are already successful and wealthy, that is a low aspirational bar.
All of them got their businesses (people, processes and systems) to work hard to make them money. Among the non-millionaires, 25% have their businesses working them – they are pouring in hours and believe that their business cannot survive without their active daily involvement. A very useful book I found about getting your business to work for you rather than the other way around was a short one by Rob Slee called “Time Really Is Money” that gives your very simple (common sense) way of how you spend your time (click here).
The common theme among these business thinkers who are already millionaires is that they grew up hearing positive things about business people, being in business and their ability to make money. And, they figured out how to use business as a vehicle to make money (and work for them) rather than their businesses working them. They ended up doing what they were told was possible and good to do – be successful in business and making lots of money doing it.
We will have several insights from the survey data over the next few months. To find out where you stand, take this 3-minute quiz ‘wiring for business success’(click here). Please forward it to your friends and colleagues – the more data we get, the better insights we can provide. Many thanks in advance!