7 things wealthy entrepreneurs do differently, according to a self-made millionaire
Published Thu, Jun 2 201610:33 AM EDTUpdated Wed, Jul 6 20161:14 PM EDT CBNC Katie Little
Warren BuffettLacy O’ Toole | CNBC
At 28, Alex Becker has managed to build a company with annual revenue of roughly $4 million and grow his own personal net worth to seven digits, and he’s on a mission to help fellow entrepreneurs out, too.
In his new book “The 10 Pillars of Wealth,” the tech entrepreneur and multimillionaire shares his experiences and those of fellow millionaires to create a road map for building wealth as an entrepreneur.
After he left the Air Force in his early 20s, Becker launched and scaled Source Wave, an SEO software company that currently generates annual revenue of roughly $4 million. The company took off, enabling him to grow his net worth to more than $1 million by age 24. Becker is also CEO of software company Market Hero.
Here are seven key things Becker says wealthy entrepreneurs do differently:
They don’t equate time with money
You may have the same number of hours in a day as billionaire investor Warren Buffett does, but Becker says wealthy people don’t let time limit their earning potential.
Instead, they find ways to generate money passively, such as setting up online businesses that run even while their owners are off the clock.
They blame themselves
President Harry Truman was well known for a sign on his desk that read “the buck stops here.” The same is true for entrepreneurs.
“If you want to be an entrepreneur, you have to be able to blame yourself for everything,” Becker said.
The key is stopping problems before they arise rather than blaming others for creating problems.
Alex BeckerSource: Alex Becker
They spend more time taking action
People often focus too much on planning for mistakes that never happen.
“Mess up as fast as possible so you can learn from it as fast as possible,” Becker said.
They focus on the money
It might seem obvious, but while getting a company off the ground, entrepreneurs need to focus on generating sales and profits.
“Don’t invest your time on anything that does not make money,” Becker said.
They adopt an ‘abundance mindset’
Go into a deal or sales pitch believing that customers and clients have unlimited money to pay you. By doing this, entrepreneurs won’t become paralyzed by the potential to fail, Becker said.
Instead, they’ll be more likely to be confident and natural.
They are a little reckless
The millionaires Becker studied aren’t afraid to fail and take risks. In general, they try to move forward with an idea as quickly as possible, even if it’s not perfect.
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They embrace change
They also tend to look around the corner to see where the world is going to spot potential opportunities.
“If something is hard or scary, then they’re going to go after it 10 times harder instead of staying in their comfort zone,” he said.S