Most successful entrepreneurs believe that becoming a billionaire is something that requires luck. You need to be in the right place, at the right time.
But becoming a millionaire, they argue, is much more procedural. Even if they were starting from nothing, most believe they could make back the money pretty quickly.
But what skills allow them to do this? That’s the question we answer in this post. We look at how you can go from zero dollars to millions, just by applying knowledge of what the market values.
Perseverance
The first step is to realize ahead of time that things won’t go your way. Building a solid company takes time, effort, and a lot of grit to get right. Nobody goes through the process without experiencing pain.
Ideally, you should prepare yourself for this reality ahead of time. Sure, you could breeze through, but you will almost certainly face challenges while you’re on the ascendancy. It’s never a straight line.
Time Management
Time management is another skill you need. Successful people value their time more than money (usually) because that is what lets them focus on the most valuable and critical tasks. Some even get angry if they feel themselves doing the same thing twice in a row. If a task is repetitive, they pass it over to someone else.
When you run a business, time management is significantly more challenging. You have competing interests, and people trying to absorb your time.
If you have a lot of small jobs, try to cram them into the start of the day when you are most productive. Knocking them off one by one is good psychologically and it helps you think more strategically in the afternoons and evenings.
Financial Management
Another essential skill is financial management. You need to understand everything from budgeting to forecasting.
You should start managing your firm’s finances from the moment you make your FEIN application. Knowing what your cash flow will be for weeks and months in the future shows you where your bottlenecks will come from and when you might need temporary credit. It also gives you a sense of the total addressable market – the existing market size. This way, you can get an estimate for the amount of money you will bring in.
Goal Setting
Another key skill of all the top entrepreneurs is their ability to set goals for themselves. They build solid foundations and see where their efforts will take them.
Goal setting is particularly useful for people who are prone to procrastination. It ensures you go the extra mile to reach your targets instead of giving yourself the afternoon off.
Sales And Marketing
Finally, and perhaps most importantly, you need to learn sales and marketing. Having these skills under your belt means you can make almost any business work, even if you’re not particularly good at managing finances or being productive.
Sales is all about getting customers to convert. Always seek the most promising leads in your niche and contact them. Use marketing to raise awareness and start moving people toward buying from you.
