The Mindset of a Millionaire Business Owner

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If you want to be millionaire you’ve got to think like a millionaire. Many businesses fail in the first year or business. They never really take off. Other businesses can grasp for life for years to come. Few businesses really succeed and even fewer make their owners super rich. Having coached entrepreneurs for years I can spot right on if a business will succeed or it will fail. And this has nothing to do with the state of economics and the number of clients that the business owner has or doesn’t have. Winning in business is a mindset game and here are the rules:

1. You create a business so that it can serve you

Many think that if you love something, you can create a business around it and your passion for what you do will be so contagious that all you have to do is post on someone else’s facebook page how awesome you are and people will flock to your website to buy the things you offer. Reality is very different. Passion is not enough. What is needed is to have a very clear understanding why you are in business.

If you are in the business of liking what you do for a living, you will fail because you will lack business vision. Millionaires see their business as a tool, as something that they created to serve them, their needs and their lifestyle. Even though they will not  start a doing as a business something that they are not passionate about, their goal in life is to make the business work for them. They are the owner not the employee.

2. You can and do communicate your value

The failed entrepreneurs have a steady belief that if they know what the market that they want to serve needs, all they have to do is create a product (that they need) and offer it to them and people will start buying. I happen to know some people who are barely doing ok with one business but with the same mindset create a second one, not realizing that they are toast even before they began.

It is not enough your market to want and need and be able to afford what you offer in order for them to become your client. It’s up to you to know your value and to communicate it not from a place: I am awesome, buy my stuff; or: You need what I offer. Millionaire business owners know that in order to make it big you have to always know the answer to two questions: “Why should I buy from you?” and “So what?”.

3. Your image is the image of your business

People will forget what you said, or what you did but they will never forget how you made them feel. Many business owners, especially new and upcoming ones although I’ve seen it in some business owners who are already a few years in practice which is sad – they react to challenging questions, and provocations is a negative, sometimes passive aggressive way. And that makes a very bad impression and motivates your potential customers to run out the door telling everyone they know that you are not worth the time of day.

What does millionaire businesses do? They know that their customers form opinion on their company and what they offer based on the image that they project onto others. They know that their biggest asset is their professionalism. The worst thing you can do is get defensive when attached or provoked or to start arguing with others on how right you are. Millionaire business owners see these situations as an opportunity to differentiate their business, the value that they provide, the care with which they do business. They don’t undermine the client’s point of view, they don’t prove them wrong, or try to make themselves look right. They use the opportunity to reiterate how they as a person run a company which makes millions. Integrity, personal responsibility, accountability for all they offer, all they do is easily spotted.

I’ve actually had a financial consultant win me over as a client just because she was positive and able to articulate very clearly, and respectfully to me, and with examples the things that she does for the category of clients which I am – already good with managing and investing my money. And all that was after I was very negative about my experience and the experience of some of my business friends who didn’t get much benefit from working with a financial consultant.

4. The success of your business depends on how personable you are

I hope that we’ve all heard of the quote: The quality of your life is determined by the quality of your relationships. If you want to be very successful in business, you should apply this to all your contacts with other people. Even at the grocery store you are the brand message of your company. Be personable, do nice things to others because you are a nice person, not because you can gain something from it. People love to be around nice, positive people.

Be just as friendly to the cleaning lady at your house and to the waitress at the restaurant as you are to the person which whom you sign a $100 000 contract. They are all equally important to your life. One of them brings you the big money, the other one will like you so much that they will talk about you when you are there, will discuss how awesome and low key you are despite how well off you are and in essence will build you the kind of reputation you need to support a million dollar business.

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