A site called Under30CEO.com mined a “Young Rich List” published by Australia’s BRW magazine for tips and notable patterns among self-made millionaires.
The entrepreneurs studied started companies ranging from coffee shops to IT services and made a killing.
Since they have an average net-worth of $65.5 million, it’s worth listening up. Here are the takeaways:
- Think big, but start small. “Before you achieve that first million, you have to get your first dollar.”
- You’re never too young. When you’re young, you can take more risks. There usually isn’t a mortgage to pay, a family to support, and your peers are still developing their careers. There is less at stake in your twenties.
- Be willing to rough it. A lot of entrepreneurs blow money being frivolous. You won’t always have to rough it, but the beginning needs to be a sacrifice. Skimp on things that aren’t pertinent to your business so you can finance the things that are.
- Fake it until you make it. Entrepreneurs must appear bigger than they really are to gain credibility among customers and competitors.
- Back yourself. Be aggressive and confident in your product. If you’re not, no one else will be.
- Focus on the people. If employees are happy and have a positive work environment, your company will be more productive.
- Have clear targets. Goals influence business direction more than any external factor. They can help focus business management for the longer-term.
For more tips from the young and rich, read the full article on Under30CEO.com >
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