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business mindset

The Millionaire Mindset

Let’s face it – no one goes into business to lose money and the dream of becoming financially wealthy is one so many of us share. For most people though, the dream remains just that – a dream. Why is that, you ask? Simply put, it boils down to the mind and where the focus lies. A lot of people, whilst they are happy in their current situations, are comfortable. Comfort, however is the eternal burial ground for growth and progress. So how does one make the cross over from unhappy comfort to millionaire? It’s all in the mind….

 

  1. Focus on it then grab it!

The truth is, a large number of people are afraid to say what they want and then pursue it. When you want to accomplish something, thinking, ’I could never do that will keep you stuck. Think, ‘I COULD do that and I WILL do that!’ Millionaires play to win, not to avoid defeat. Does that give you licence to become selfish and obnoxious. Not at all. IT simply means becoming more self-assured and honest with yourself. The idea of walking all over people to get to the top is antiquated and unnecessary. If you get the right mindset, there really is a big pot of gold that you have a right to grab hold of. You deserve it!

 

  1. Spending v Investing

Millionaires tend to and need to be frugal people. After all, they understand the true value of the money they are investing. Being self-employed tends to go hand in hand with becoming a millionaire and at some point you may need to look at reducing your regular work hours or even quitting your regular job to make your money work for you. So instead of splurging on that new phone or wardrobe, you could use that money to invest in the stock market. By finding the right shares, that money could easily double itself in a year. And the stock market isn’t the only place to invest – there’s always property and of course, your own education.

 

  1. Goooooooooooooaaaaaaaaaal!

Getting rich quickly sounds attractive but a more sustainable way of getting rich is by becoming goal orientated. The truth is, only lottery winners become millionaires overnight. BY setting yourself feasible goals, you will get there eventually. An example of this would be that you’re making enough to pay the bills and avail of a few luxuries. Your first goal may be to have €10,000 saved in a year which is not easy but doable. You then need to work out the steps you need to take to achieve that goal. Those steps should primarily favour growth over cutbacks. You may have skills outside your workplace that you can monetise to boost your bank balance. Liquidating unnecessary items can be another way of earning capital to reach your goal. If these don’t raise enough capital to help you reach your goal, then it’s time for those spending cutbacks. Think making your lunch instead of buying it and cutting down on the luxury spends.

 

  1. Keep your head in the books

Invest in yourself – it is the best thing you can do. Leaving the educational system does not mean that your learning days have ceased. 100 books – that is how many books Warren Buffet estimates he read on investing before he turned 20 in comparison to zero…which is the number most people read after they leave school. The question is, who would you rather be? Learn as much as you can. Learn everything you can about how economics work, the stock markets and how they trend. If it’s a new skill, learn as much as you can about it. More often than not, you would be surprised at how often skills that seem useless can become extremely useful in the right situation.

 

  1. Bigger is better

Small goals are always a great starting point and are advisable but there is no doubt that you should have a big goal in mind. If it’s a business, start it and make it a success. Alternatively, your big goal may be to invest your way to millions and do little outside of research. And remember, not achieving your big goal is not a shameful thing. If you have a business and your goal for the year was to make 1 million Euro profit and you ‘only’ made a profit of €500,000, then you are till streets ahead of most people. Reach for the stars (excuse the song quote!) and if you happen to miss them, you’ll still be over the moon.

 

  1. Make friends with the attention

Self-promotion is a large part of becoming a success. And by self, we don’t necessarily mean you personally – it could be drawing attention to your brand. Wherever it is directed, it is true that attention attracts money. So never shy away from getting your name out there. Find your spotlight and be gutsy enough to step into it. Remember: you ultimately control your destiny. Fight hard enough for anything and you’ll get it.

 

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growing your business in ireland

With 2016 falling fast into our rear view mirror, most of us have begun 2017 with a greater hope and renewed confidence. We might even be ready to take a few risks in our businesses. Not all risks, however are the equal. There is a massive difference between risks and foolish risks. Foolish risks essentially are those taken without doing any research, due diligence or taking any possible negative consequences into account. Don’t get us wrong, foolish risks CAN deliver positive returns – but the fact that you are entering a situation blindly and don’t know exactly what’s waiting on the other end, you are fundamentally rolling a dice. Calculated risks are backed by larger amounts of research and though the results won’t always be positive, enough homework will have been done to know if the chances of success rank higher than the chance of failure. Though we often shy away from risk for various reasons, understanding how to zone in on calculated risks will mean have no problem taking chances.

 

Tips for Taking Calculated Risks

1. Do Your Homework

It may not have been one of our favourite parts of being in school, but having your homework done is important to taking any calculated risk. You have to understand every detail and subtlety of the decision that you can. This allows you to discover any dangers or potential issues that may arise. Taking calculated risks is much like being a sports bettor. Contrary to the common belief that successful gamblers are just lucky individuals, they actually conduct lots of research and never make emotionally based decisions. Let’s just say a sports bettor wants to place a bet on a football match – a seasoned bettor would never just look at previous matches or a current league position and place a bet. They would always review picks from a handicapper of good repute and analyse the trends. As a startup CEO, you need to do the same thing. Even when taking a calculated risk, you need to enlist a trusted advisor, go over the number and negotiate the best deal. That wayou can ensure you’re taking a calculated risk.

2. Set Checkpoints and Goals

The end point of any calculated risk can be months, even years away. To stay the course of the inevitable process involved, you need to carefully identify and put into action checkpoints and goals. Goal setting is often discussed at length with focus either consciously or subconsciously revolving around long term or ‘end’ goals. Short term goals are often left by the wayside – and yet they are more important as they keep you on track. The path of any calculated risk is marked by several goals and checkpoints and they should be in place well before making a decision.

3. Foresee Mistakes

Before making any decision, consider the positive outcomes but pay particular attention to the negative ones. Examples of things you need to think about include ‘How would your business respond if the deal lost money?’ ‘If project deadlines are missed, how will you make up the time in order to meet them?’ ‘If partnerships are broken, what course of action will you take?’ Intelligent risk takers preempt potential mistakes and account for them. If you foresee too many mistakes, it probably means the risk is too high and you should consider moving in a different direction.

4. Accept that things will probably change

Business decisions rarely go exactly to plan. While you cannot always control whether the outcome will be better or worse than anticipated, you can control how you respond. Say the budget gets slashed significantly – slamming your head into your desk will more than likely doom you to failure. If, however, you’re willing to pivot, you’ll head back to the drawing board to find a solution. We often hear about entrepreneurs who took serious risks and found success but you rarely hear about what went wrong behind the scenes. In every success story, the decision makers are willing and ready to pivot in order to find success.

5. ‘No’ – It’s A Good Word!

Learning to say ‘no’ in your personal life and career is a fantastic skill to adopt especially when it comes to risks and opportunities. Jumping at every opportunity that comes across your path will leave you with no time or space to take the risks that have a high probability of succeeding. Psychologist, executive coach and speaker Camille Preston puts it perfectly – ‘Whatever the psychological back story, whatever the reason, the fact remains that saying yes to too many things is overwhelming and counterproductive. By saying yes to too many things we may, we may be saying no to some very important things. If your plate is too full, there’s no room for the unexpected or ideal opportunity.’

6. If It Feels Good, JUMP!

You’ve done your due diligence, run the figures, looked at what could go right and wrong with your risk…and yet you’re afraid to pull the trigger on your decision. That’s understandable and you wouldn’t be the first entrepreneur to feel that way. All we can say is, if you’ve done your homework and the water feels good so to speak, take the plunge. There comes a point when you have to jump in spite of the unknowns. Trust your instincts, rely on your research and with a bit of luck, it will all work out in the end.

 

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