- September 13, 2017
- Posted by: Charley Mendoza
- Categories: Business mentality, Small business leadership
Starting and running a business means hard work. No one tells you about the long hours (OK, maybe they do but how bad is it really?), the many hats you wear (secretary, CEO, customer service, etc.) or the expertise you need in all areas. Accounting? Check. Purchasing? Check. Marketing? Got it covered.
Then there are the missed family events. Take-out every night at your desk. Zero work-life balance. Owning a business is as serious of a commitment as marriage or having children. The payoff, however, can be greater than a career in a corporate environment. (How many imagine a buyout from Microsoft?) When the business starts making a profit, you envision stepping back and managing your business within a normal eight-hour time frame, enjoying life and the rewards of your effort.
What’s the secret, though, to increasing profits beyond ordinary to extraordinary i.e., becoming a millionaire? Turns out it’s not an insider stock tip, or landing the big client. While you need to be smart with your profits and invest wisely, your habits contribute to success more than you know.
The top habit of millionaires? They save. And save some more. They live within or below their means–no lavish lifestyles while that first million is in process. They also make their money work for them.
Millionaires read and learn continuously about how to be better business owners, leaders, investors. They read biographies of successful people, past and present. Any “downtime” is a chance to read or listen to a book.
Self-care (not the occasional spa day) and self-awareness rate high with millionaires. Turns out there’s something to the “early to bed, early to rise” proverb, as well. Time for self-helps; millionaires stay healthy, balanced and sharp, benefiting their families and businesses as a positive side effect.
Be smart about the money side of things, of course, but don’t forget yourself in the process. Adding new or changing old habits is as important to success as a solid business plan and hard work.