The Difference between a million-dollar business and a million-dollar idea
In this season 2 of the Millionaire Wealth Principle #2, I talk about Choosing a business that can make $1,000,000. In this principle, there is more than just thinking about making a million, and wealth principle 2 is a practical step where you choose a business that can make a million. What I have found is that the difference between a million-dollar idea and a million-dollar business is action, is a plan, is a commitment though there is a secret that most people don’t pay attention to when they’re starting their business, they have to choose a million-dollar business because a business that could never make a million dollars then you’re barking up the wrong tree. Businesses that can never make a million dollars are too time-intensive, too unique, they are too area local.
For the previous Millionaire Wealth Principle #1: Revisiting Millionaire Wealth Principle #1 Think A Million
Most people are not aware of this is that a business that can never be a million dollars is a business that 100% relies on you, nobody involved just you. The business maximum is a quarter-million-dollar, it is the maximum you can make by yourself without building a team and without working with other people. When you do bring in other people, you do less work, when you bring other people in, they do what they love doing most and you do what you love doing which in the end feels like fun. Another example of a not a million-dollar business is that one that takes too long to find the product, takes too long to modify the product and you can’t sell it at a higher margin to justify the work and labor involved.
The principle works in hand with 3 steps
Wealth Principle #2 is a principle that works with 3 steps.
1) Is there somebody who has made a million dollars in this business.
2) Is there somebody in my location who has made a million dollars in this business.
3) Is there somebody who has made a million-dollar in this business and built it with people and hasn’t automated the process where that person hasn’t used technology to leverage the process.
The process of building a million-dollar business is building something that has networth to it and in so doing you can increase the valuation of the business like the assets. If a business doesn’t have assets, you don’t have much of a business. Assets think real estate, think computer hardware, think names, branding software, think unique code, consistent sales, location of certain businesses can make them million-dollar businesses or ten thousand businesses.
An exercise to keep your brain hooked
Let’s do an exercise because exercises keep you remembering, keep you engaged, and hook the brain. I want to visualize for a moment yourself at the end of this year that is a day before 2022 and I want you for a second to visualize that you have earned One million dollars, visualize it, feel the excitement behind it. Think about that one million dollar where it went to your bank account or into rental property or into buying a business or some stocks, bitcoin, dogecoin.
Now visualize how it came to you and if can think of something you’ve already got a skill doing and it will be pretty fun if it came to you this way or relatively feasible for it to come to you this way, what would that be? I want you to pull down a pen and a piece of paper and write down three different ideas that could bring in a million dollars that fit the 3 steps/rules mentioned earlier. I want you now to focus on the three ideas and I want you to focus on the skillset that you currently have and I want you to go in the future and thinking about from the research you already have in your head, which one of the three could you think you can do the fastest and would you think that it is the most rewarding. If they’re different, that is really fine.
Mike Schein Presents the book of the week
Mike Schein talks about the book of the week which is The Millionaire Booklet: How to Get Super Rich by Grant Cardone that is a tiny book where he recommends the audible version of it. He recommends that you listen to it once a week as you do for the science of getting rich because it took him one hour to listen to. It is so impactful that it has eight steps on how to become a millionaire. Grant is not that eloquent though he gets right to the eight steps on becoming a millionaire and once you follow them, you will surely become one. One quote from the book is to pay the price today so that you can pay any price tomorrow.
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