There is no shortage of millionaires who inherited their wealth, but increasingly, people are becoming millionaires totally on their own. The No. 1 way they’re doing this is by investing; but there’s also a growing number of folks pulling in seven figures through their own business ventures. What are these entrepreneurs doing to achieve epic financial success?
Check Out: 4 Secrets of the Truly Wealthy, According To Dave Ramsey
Read Next: 5 Things You Must Do When Your Savings Reach $50,000
A comprehensive answer to that question would exhaust at least a hundred pages, but we can briefly speak to the characteristics and habits of highly successful entrepreneurs. On financial expert Dave Ramsey’s website, Ramsey Solutions, the EntreLeadership team published a blog in April discussing the business principles every great leader lives by. Embody these five noble rules to make your own millions with integrity, purpose and grace.
Trending Now: Suze Orman’s Secret to a Wealthy Retirement–Have You Made This Money Move?
Have Crystal-Clear Vision and Set Realistic Goals
When building out a strategy or venture to generate seven figures sustainably and safely, we can’t be detailed enough. There’s no skipping to the end where we all live happily ever after as millionaires. We must go in educated, organized and with realistic goals we can stick to. We must have our “why” in place, as well as our “how.”
“Businesses without goals don’t win,” Ramsey’s EntreLeadership team wrote. “That’s reason enough to get laser-focused on where you’re going and why.”
Explore More: I’m a Self-Made Millionaire: 6 Steps I Took To Become Rich on an Average Salary
Value People Over Everything Else
Obsessed with money and all the things it brings? Don’t let your hunger for success crowd your priorities or ethics. Business is still life and that means you still have to put people first. The EntreLeadership team pointed to Howard Schultz, the former CEO of Starbucks, as an example.
“He believed if he took care of his team, they’d take care of the customers,” the EntreLeadership team wrote. “That’s why he called employees partners and gave them great benefits – including partners who worked part time.”
Today, Shultz boasts a net worth of $3.1 billion.
Make Like Buffett and Get a Mentor
There may be no person more important to your career than your mentor(s). They will believe in you, champion you, guide you and be completely honest with you — even if it hurts a little. Great people have great mentors. Even Warren Buffett had one.
“Warren Buffett didn’t become one of the best investors in the world by doing it all alone,” the EntreLeadership team wrote. “He looked up to mentors like Benjamin Graham, asked tons of questions, and soaked up their wisdom. He’s a great reminder that asking for help isn’t weak – it’s smart.”
Honor Your Word — And Say What Must Be Said
We’re all guilty of having said things we don’t really mean or quickly realizing we can’t follow through on them. When leading a business with the intent of generating millions, you can no longer afford such mistakes. Not only must you honor your word, you also must say what needs to be said firmly.
“People are listening more closely than you think,” the EntreLeadership team wrote. If you’re nervous about speaking up to, say, an employee who is consistently underdelivering, run the problem by your mentor and ask for help preparing an appropriate response.
Don’t Fall For Fear
Fear is a normal reaction to the unknown, but it can easily get out of control to the point where it guides your decisions. You may feel like you’re playing it safe when you may be playing it fearfully and not facing issues head on. This will come back to haunt you and, more likely than not, become an obstacle in your wealth-generating journey.
“Avoiding hard conversations? Putting off a tough decision? That’s fear talking – and it will paralyze your business,” the EntreLeadership team wrote. “Face the problem head on. The sooner you deal with it, the faster you and your business grow.”
More From GOBankingRates
-
6 Used Luxury SUVs That Are a Good Investment for Retirees
-
How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too
-
7 Overpriced Grocery Items Frugal People Should Quit Buying in 2025
-
4 Low-Risk Ways To Build Your Savings in 2025
Sources
-
Morningstar, “The Number One Way Americans are Becoming Millionaires“
-
Ramsey Solutions, “10 Business Principles Every Great Leader Lives By“
This article originally appeared on GOBankingRates.com: Want To Become a Self-Made Millionaire? Consider Dave Ramsey’s 5 Winning Principles
