5 Elements to Becoming a Millionaire Before You’re 30

Admit it, you want to become a millionaire as quickly as possible–you want to be a consistently referenced entrepreneur whose story inspires every aspiring entrepreneur. Well, you’re not alone. Countless others want the same.

However, it’s becoming a culture that you need to work your ass off in your twenties and thirties to hit your mark. The good news? That’s not true. And the bad news? You may not have what it takes.

Before I dive into listing what it takes, let’s take a look at a few misconceptions of young or aspiring entrepreneurs.

#Misconception 1: You’ll get rich the moment you start, all you need to do is start.

#Misconception 2: I’ll keep saving my stipend(s) to become a millionaire.

#Misconception 3: All you need is a million dollar idea.

#Misconception 4: I’ll work at my own pace and set my own rules.

#Misconception 5: You can only become a successful entrepreneur when you have huge capital.

Related Article: 6 Life Facts to Know Before You Turn 30

The bitter truth

If you have any of the above misconceptions, it’s high time you ditched it. Why?

  1. Entrepreneurial success is a long trip and many a time, it gets challenging and boring.
  2. Saving your stipends could make you a millionaire but it can’t help you stay a millionaire.
  3. That million dollar idea needs plan and action to convert your idea into millions.
  4. In the beginning, you don’t own your time. In fact, plan to work relentlessly for — at least — the first 5 years.
  5. Starting small is one the great tools of entrepreneurship.
Having said that, listed below are 5 fundamentals to become a millionaire before you turn 30 years:

1. Start now

The world is a stream of ideas. Innovative ideas never stop popping up daily. The difference between entrepreneurs and aspiring entrepreneurs is action. Research indicates that one of hundred ideas vanishes without action.

Trust me when I tell you, time is not on your side. A wasted second can cause your idea to be effected by someone else. Besides, if you don’t start now, when would you get there? If you have an idea, plan rigorously and start now!

2. Do what you love

Entrepreneurial journey is a long trip and it gets boring, tiring and challenging. What would keep you going is your goal and passion. A great goal coupled with a great passion equals success.

How can you hate playing soccer, yet you want to become the best footballer. Honest opinion? It’s never gonna happen. And if it eventually happens, it’s gonna be a long trip.

3. Don’t over hype your startup goal

At each juncture on your entrepreneurial trip, there’s need to set a mini-goal to help you achieve the ultimate goal. Here’s what I mean: at the startup stage, you can set a goal of creating a unique product. After achieving that, you can set a goal of product uniqueness awareness. At another point, you can set a goal of dominating the market.

Whichever goal you set, your startup mini-goal shouldn’t focus on making millions. Focus on customer satisfaction — a staircase to making millions — or something achievable.

Related Article: 4 Bad Habits that Kill People’s Dreams and Desires

4. Keep learning

To become a successful entrepreneur, you need to become an expert — a consultant — in your field. Listen to others, study rigorously, and learn from your mistakes.

Don’t disregard any piece of advice, rather be cautious and check yourself out to be sure you’re on the right track. And most importantly, never be arrogant.

5. Stay focused

CEOs often gets distracted. Imagine the feelings of someone who hustled to have 3 square meals, but can now feed 100 people daily without any adverse effect. Don’t be captivated by the status you find yourself, instead, continue improving.

A million-dollar idea needs a million-dollar plan to put it to effect. But not just that, it also needs a million-dollar mindset to finally achieve your dream. Go and achieve that million-dollar dream now!

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