Tag Archives: entrepreneurs

You Can Be a Millionaire Too!

What does it take to become a millionaire? Most people would assume that it takes good grades, good looks and a huge inheritance. Wrong.

One of my very favorite books is “The Millionaire Mind” by Thomas J Stanley, Ph. D. who also happens to be the author of one of my other favorite books “The Millionaire Next Door.”

I was chatting with Blake Allison today, founder of Financial Education Literacy Advisors (also a newlyim_millionaire_0607 appointed member of my personal board of directors), and was asking his thoughts on me getting an MBA or CFP. He reminded me that many successful entrepreneurs didn’t even finish school, and that whatever I decided to remember not to let my pursuit of education stop my business passions and aspirations.

His comment reminded me of a very powerful chapter in “The Millionaire Mind” that I read in college while I was stuck in the library for hours and still struggling to get C’s in most of my finance classes. It turns out that a majority of the millionaires studied were just like me: not straight “A” Harvard graduates. In fact, according to Dr. Stanley, about 90% of millionaires graduated college with my college GPA- get ready- a 2.9 (p 99). Who knew you could be successful and not get perfect grades, right?!

Here are a few other interesting facts:

• Almost all of the millionaires studied, said that college helped them develop a strong work ethic (perhaps because they had to work harder for their grades), manage their time, and make accurate judgments about people.
• Most millionaires have an unusually strong ability to deflect the toughest critics and not let it get to them. This includes not believing that poor grades would foil their success (p 101).
• Parents of millionaires did not negatively push their kids to get the highest grades or preach that good grades are directly correlated to future success.
Millionaires love their careers! (p112)

So, to any of you that are reading this after completing a really tough round of college final exams, please remember that your grades do not determine your future success. Think beyond your grades and take advantage of everything else college has to offer. Find your passion, meet your best friends, learn the value of being honest, and figure out how to balance the three S’s of college: sleep, studying, and socializing.

Keep it simple and good things will come. And if you have any extra time, I highly recommend you take a look at “The Millionaire Mind” to discover how NOT Paris Hilton-like most millionaires really are.

Thinking Like an Entrepreneur in Relationships

What are the traits of successful entrepreneurs? What are the keys to successful long-term relationships? Surprisingly, they are more similar than you may have imagined.

As you probably know, I love reading about and networking with successful entrepreneurs. Their magnetism and energy have always intrigued me since I was little. I have also always looked up to those2956439195_69d9636350_m who are in successful long-term relationships or marriages. Thinking about my grandparents (who have been married for over 50 years) and my parents (over 25 years), I am always tempted to ask, “How the heck did you do it?!”

When researching for this post, I read several articles about both successful entrepreneurs and successful relationships and found some interesting stuff.

Here is my conclusion on traits that make a successful entrepreneur:

• The ability to adapt to change and experiment with new ideas.
• The ability to collaborate with others and accept that you can’t be the master at every skill required to run your business successfully.
• Successful entrepreneurs think BIG and think ahead by planning and goal setting.
• Entrepreneurs have a high tolerance for uncertainty.
• They also have a lot of confidence.
• They possess a strong willingness to work at it no matter how bad things get, how tired they are, or how many hours they worked that day.

Do you see the parallel? Apply these points to your relationship.

For example, collaborating with others. Each person in the relationship has strengths and weaknesses. For example one person might be a fabulous cook but not so good at remembering to pick up around the house. Rather than fight it, the successful entrepreneur would accept their strengths/weaknesses and bring it to light with their partner so that the roles are put in place, therefore avoiding conflict and moving on to more important things.

Adapting to change and being an innovator. A lot has changed since my grandparents got married in 1955. They were smart enough to adapt to the times, their situations and their struggles and find new ways to overcome obstacles. Any successful relationship is always evolving, even in simple ways such as going on fun new dates, traveling to new places together, or finding a new recipe for dinner you both enjoy. Your ability to innovate will help you overcome adversity and stick together.

The most obvious connection here is the last bullet point: Successful relationships consist of two people who are willing to work at it every day no matter what. The relationship is of top importance and they see beyond the day to day and have a bigger picture for the future. “Relationship entrepreneurs” see a huge return on their investment of time, energy and love. They have confidence that they can overcome adversity together and share a common vision for their relationship/future. Sounds oddly similar to a business, doesn’t it?

In an age of economic turmoil, at least we know can keep our relationships out of emotional bankruptcy by thinking more like an entrepreneur. We can also stop personalizing the little things by being confident, thinking constructively about how to innovate new solutions and work towards our long term goals together.