If no one has taught you how to create wealth yet, you’ll enjoy these insights from two millionaire authors who both had to learn a few hard lessons before making their fortunes.
On the one hand, we have multimillionaire T. Harv Eker who authored the New York Times Bestselling book Secrets of the Millionaire Mind and believes that money is a result of our inner world.
And on the other, we have multimillionaire John Assaraf who authored two New York Times Bestselling books, ‘Having It All’ and ‘The Answer’, and in his most recent book called ‘Innercise’, quotes Hellen Keller in saying…
“What I am looking for is not out there, it is in me.”
That’s essentially two highly successful multimillionaires both confirming that the innermost part of who you are as a person, is the key to unlocking your ultimate life and worth mastering if you wish to create wealth.
More than sharing the millionaire spirit and habits of excellence, both authors have another thing in common - owning a business.
We can all agree that having no limits on what you earn or generate in income is a great rule to apply in order to create wealth.
And the best way to have no limits on your income is to own a business.
This positions you strategically where you’re no longer exchanging your time for money, over and above having more control over your income in a situation where you make the rules.
At the core of your success will be the person you choose to be, the vision you have, your willingness to learn and grow and what you intend with your wealth.
Remember, we live in a fractal universe where there’s no such thing as a straight line.
This means that the business you own to help others solve problems with depends on who you are, and the path one person will take can be different to the path that you’ll take.
Everyone has a life purpose and when you know yours, you can create wealth around it.
We’ll look at what these two authors suggest in terms of how to go about creating wealth in business, and you can apply their techniques and see the results for yourself.
Now, T. Harv Eker will stress the point that in order to create wealth, you have to be financially free first and it makes sense.
If you have enough income to take care of your basic human survival requirements to free up your time so you can focus on building or expanding your empire, it’s great!
But what if you can only start your business as a side hustle?
Consider if and how these 8 principles can help to get you started.
If you’re going to work hard, you might as well get rich, and the quicker the better. -T. Harv Eker
Believe and understand that getting rich is achievable, and that it is achievable for YOU.
The world’s changing at a rapid pace, and you must adapt accordingly.
The markets and technology are changing as quickly as people’s interest and this is something you can capitalize on to create wealth.
Be willing to learn and grow.
And do this in a way that suits you, as some people like to take it slower and be methodical, while others prefer to jump in head first and just go-go-go!
Knowing yourself and having a plan are essential.
Value for money is what will determine your income.
And delivering value in exchange for money is the business of trade in the arena of business.
The less you deliver, the less you get paid based on the value in the marketplace.
So exceed your own expectations.
Harv mentions four factors that will determine your income:
Because timing’s everything, it helps to have the right service or product available to the right audience at the time that is most optimal.
By keeping your eye on fluctuating markets, supply and demand, you can adapt accordingly.
When demand is high, stay onboard but when demand drops, get out.
If you’re unable to adapt your product or service in a meaningful way, consider the potential of modeling what does work with the current demands.
Whether you improve on existing solutions, piggyback, or to affiliate with others who are winning, you can stay in the game.
There are many ‘under-marketed’ services and products out there, so if you come across these, you can get in the action and create wealth by bringing them to the fore.
Your business operates on these three essential parts: Production, Administration and Marketing.
But each of them require specific processes so they can run in your absence.
Harv defines a business system as “a repeatable process that produces profit”.
And he brings the stark reality to light that if you’re working IN your business instead of ON it, you’re basically an employee.
The whole idea behind a business system is to free up time and money so that you can use what you have to create wealth in every way.
Having a business system also allows you to duplicate what works so you can offer a higher quantity of value and often, to a higher quality too.
Because if what you’re doing works on a smaller scale, it will work on a larger scale.
Here’s where the ‘learn-do-rinse-repeat’ idea fits in beautifully because if you get your timing right, systemize your business and duplicate what works, you are expanding.
How many times have we heard “Work smarter, not harder!”?
Think about how you’re able to provide value to people in your sleep or with little to no personal effort, travel and time consumption on your part.
Whether you’re contemplating licensing, add-ons, repeat sales, marketing partnerships or joint ventures, the avenues you can distribute your leverage into are vast.
You can skillfully utilize other people’s resources for growth for you and for them to create wealth and mutual benefit.
With this mindset you’re not only capitalizing on opportunities for yourself, but sharing and helping others too.
If you can start your business with ‘the end in mind’, Harv believes that with these principles, you can create some enviable choices.
You can set up a profitable business and continue working in it for an income.
Or you can delegate your work and maintain a passive income.
Or you could sell part or all of your business to become a millionaire on the spot.
Alternatively, you can combine all these options.
What he is saying though is that ‘you’ll never make as much money running a business as selling a business’.
Keeping the end in mind means that you’ll focus on what someone else might be buying from you such as the profits, continuation of such profits and the potential growth of said profits.
If you’re seeking freedom, here it is…
Learn - Do - Rinse - Repeat.
Be now who you’d like to be later.
Practice it until it becomes your character.
Knowledge without action will not make you rich.
But your mindset, habits and follow through very well may, if you manage it right.
One of the biggest mistakes people make in their business is that they don’t know what their role is in their business.
Of course there’s a formula for success in business, but most business owners make the mistake of wearing all the hats instead of delegating certain roles with a specific formula.
There’s the visionary, the sales person, the marketer, the driver, the engineer and it’s easy to get lost in the responsibilities of making a business successful.
The engineer is the person who can see the business from the vision all the way through each individual piece that must be in place to create wealth.
Unless you think in a way that is structured, it can be difficult putting all the strategies and actions together to be successful.
John admits that his current 7-figure a month company is not the great success it is because he’s smart, but because he follows a specific process as well as some rules of the business game.
Much like solving a rubik’s cube, unless you have learned the best ways to solve it, you’re likely to try all the millions of ways that exist before you get it right.
If you’d like a shortcut to the most effective ways to create wealth, see what John says about mastering the mindset, skillset and action set required to build a successful business.
According to John, all highly successful business owners have these key things in common.
First, they create a strong vision for the business they wish to create.
Because when you create a vision for your business first, you can create the roadmap to achieve your desired outcome.
Almost every ‘HOW’ already exists. -John Assaraf
How to generate leads via multiple funnels, how to advertise in local news media and social networks, how to get free publicity, how to get on TV and radio - every necessary ‘HOW’ already exists.
But you must start with your vision, and where you see your business in a year, three years and five years from now.
Second, is mastery of the inner game of beliefs.
You must master the belief that somehow, you really can figure it out, whether on your own, or through books or mentorship, or with the help of others.
A belief and declaration that you can do it at a conscious level is not enough though.
You must align what you consciously believe with what you secretly believe to be true.
As an example, if you believe people ‘need’ your product or service, and that it is exceptional, but you have another belief that your skills, knowledge, confidence and resources are lacking, you’ll have opposing beliefs.
So you must master managing your emotions around lacking confidence and uncertainty if your beliefs are out of alignment.
Third, is knowing what you should be doing as a business owner.
Your greatest priority every day, if you’d like to ensure that your business survives and thrives so you can create wealth, is this formula:
T x C = R (Traffic times Conversion equals Revenue).
Traffic, as in eyeballs or leads, multiplied by your ability to Convert those leads to sales either offline or online, results in Revenue.
So someone has to wake up every morning asking themselves…
“How am I going to get more leads today?
And how am I going to offer people my product / service / knowledge / skill so that they want to exchange their hard earned money for the value I offer?”
If you don’t wake up each morning considering these questions, then you’re not a sales and marketing CEO.
And that’s perfectly fine, but somebody has to be wearing that hat.
If you ask fish to climb a tree, she will always feel stupid. -Albert Einstein
The expertise you have is in what it is that you do, what you specialize in.
Most people make the mistake of fighting against their natural skills and abilities by trying to do it all and wearing all the hats that keep the cogs turning in their business.
They end up being productive 20% of the time and fighting their natural propensities 80% of the time instead of focusing on their specialist abilities.
That’s why 85% of business fail within the first 3 years, because it’s easy to come up with ideas, but to build a business takes focused expertise.
Hence, you have to learn your role.
Which of the hats are you supposed to be wearing?
And it is for this purpose that you must get your mindset ‘right’ to make sure that…
If you’re not doing that, you’ll be a victim of the 85% of people who don’t get off the ground.
Of the 15% of people who succeed in building their business past three years, only 5% make it to 1 million and 5% of those make it to 5 million.
The great news is that you can learn how to position yourself in the minority.
The next part to focus on if you’d like to create wealth in your business is the Who, What, Why, How and When within your organization.
Most business owners have a great vision and the goals required to achieve it.
They hunger for the lifestyle that financial freedom offers and John learned long ago that owning a business can make financial freedom a reality.
He also understood that business can be journey of suffering and pain.
Most people who quit their job to go into business for themselves end up making less per hour, with less time off and greater stress because they’ve amped up the level of complexity in their life.
At least in a job, someone else is taking care of the management, finance, sales, marketing, recruitment, I.T. and such, but when you leave, as the CEO you’re the one who must consider these aspects.
And without the required expertise, you’ll be overwhelmed, confused, making the wrong moves at the wrong time and likely in the wrong order probably most of the time.
Unless you know HOW to do it.
So when you're building your empire, and if your value is skills or knowledge or products or services, ask yourself these questions:
Know specifically who your ideal customer is.
Create an avatar of your ideal customer around their gender, age, income level, biggest frustrations, fears, pains and irritations, as well as their wants and needs.
This is important to know as the reptilian part of the brain is always seeking ways to move away from frustrations, fears, pains and irritations before moving toward what they want.
And people tend to move away from what they desire ten times faster than moving toward what they desire.
So when you really understand the person requiring your service, product, skill or knowledge, you’re able to communicate with them in a way that resonates with both their heart and their mind.
This part of the mind, the reptilian brain, is responsible for finding things in our environment that will help us move away from suffering and pain.
Many people believe that if they build it, people will come, but it doesn’t work that way.
You must find out what your ideal customers want, then build it, and then they will come.
When you understand their desire, you can gauge whether or not your product or service or skills or knowledge is a good fit for them.
Stop thinking that you can help everybody because you can’t.
Get into this mindset…
Out of 100 people, there are only 3 or 4 people who want or need the value you can offer right now, and then there may be another 17 who might want or need your product or service and if you could educate them, they could move into your desired category.
That’s around 20 people you could target because the other 80% are simply window shopping.
You must be very clear on who your target audience is, what they’re after and why they should choose your solution above all others.
What do you have that will cause people to want to do business with you.
Why should they exchange their money for your value?
Answer the questions that are already in their head and provide evidence why you should be their first choice.
Because if you don’t answer those questions, they will arrive at their own answers without a reason why they should do business with you.
You must get into the psyche of your audience.
Specifically how does your value offer solve their biggest problems, opportunities and questions?
Don’t haphazardly hope and pray for miracles without being prepared.
Everyone’s comparing products and services.
Is now the best time for people to invest in your solution?
What special offer can you create to justify someone buying your product right now?
Help them make a decision.
Processes are well thought through plans and steps that can be duplicated to be able to execute a vision systematically and timeously.
Every successful business requires separate processes for every part of their business such as marketing, management, lead generation, recruitment etcetera.
Every unsuccessful business does not.
That speaks volumes.
So develop specific processes for the moving parts of your business.
When you don’t know how to do hiring, bartering, deferring payment and partnering, then hire, barter, defer payment and partner with people who play at things you have to work on.
One of the biggest lessons John learned many years ago was that he was good at a couple of things, and really bad at a whole bunch of other things.
So he learned to get really great at the things he was good at, and also to put the right people in place for the things he was not so good at.
It’s important to enjoy what you do, and when it feels like work, you won’t enjoy it as much, so delegate!
You don’t have to do everything yourself, so leverage the strengths of your team.
Hire people who play at things you have to work at.
If you don’t have money to hire people, then barter with them.
Partner with people or hire them, but defer payment so that you can pay them out of the proceeds of your success.
Hire, barter, defer payment or partner with people who play at things you have to work at!
As a CEO, you have to shift your brain power from “I have to do it all” to “I have to figure out how to get it all done”.
When you don’t have the resources to get it all done, you can learn how to become resourceful.
Do only what you are uniquely qualified to do.
By adopting the right mindset, applying strategies and tactics as well as implementing systems and processes, you can start doing the right things in the right order at the right time so you can set yourself up to create wealth.
If you’re doing things you hate, you’re only doing it because you believe you have to.
There are many people that have retired and would love to work with you.
In the same way that there are many people attending college or high school who have time on their hands and would gladly be part of a vision they buy into.
People will work 8 hours a day for a job they like, 12 hours a day for a boss they like and 20 hours a day for a vision they buy into. -John Assaraf
Create a great vision and allow people to help you with their strengths.
Share in the success, either by payment, partnering, bartering, deferring payment or trading products and services because people have a desire for purpose and meaning in their life.
How do millionaires and billionaires think?
They think about how they can do what they love, how they can do what they play at and how can they get other people to help them with their vision.
The millionaire spirit is the essence of what it means to create wealth as this endeavor is an inner game.
Notice how 'mindset' is the very first thing both authors suggest in their strategy to create wealth in business.
If you’re willing to shift your focus away from making money for a moment, and connect to your innermost self, you may discover that financial freedom and financial wealth are merely a result of who you truly are.
And since you are what you do, would you not rather be doing what you love with your time?
So if your mindset is ready to embrace the millionaire spirit and create wealth, you have two options:
You can click here to register for John Assaraf's Brainathon on September 23, 2023 at 09:00 am PDT to learn more about how to change your brain to change your income.
Has your Mind ever wondered…
One of the best ways to create wealth is to own a business.
This business can either be your primary income generator, a passive income stream, or a successful enterprise you end up selling at a profit if you have the end in mind when you start up.
But first, you have to set your business up correctly and in a way that ensures profitability.
And the easiest way to do that is to learn from people who have succeeded before you.
Most people work their whole lives toward becoming happy or free, forgetting that money has less to do with happiness and freedom than mindset does.
Everyone has a different purpose for their wealth, but in essence, being wealthy does have the benefit of more freedom of choice and resources.
If you’d like to create wealth in your lifetime, consider the suggestions made by both these authors to create your strategy and remember that at the heart of the millionaire spirit rests the desire to be doing what you love.
Millionaires and billionaires don’t think about money as much as they think of value - there’s a difference.
If you’d like to make a lot of money, you have to help a lot of people solve a problem and starting a business around something you love is the key.
In this post you can learn from two authors how they propose to go about building a wealth producing business and you’ll discover that there’s a common theme in their suggested strategies.
The first thing to do is to get into the right mindset.
If you’d like to be unstoppable in every area of your life, achieve your goals and apply the strategies necessary to create wealth, learn how to develop a millionaire mindset!